Stock market news today: Stocks rally, tech surges after Fed leaves rates unchanged

at their highest range in 22 years at the conclusion of its latest policy meeting and investors bet the central bank may be done hiking.The Fed held rates steady in a range of 5.25%-5.50% as the central bank waits to see how its aggressive credit tightening campaign filters through the US economy.

But when asked specifically about that forecast on Wednesday and if it means a hike will come in December, Fed Chair Jerome Powell was non-committal. Powell pointed to recent strong economic data, which includes the fastest rate of GDP growth in nearly two years, and noted that the current economic activity is"not indicative of a recession in the near term."In its statement on Wednesday, the Fed upgraded its assessment of the economy to “strong” in the third quarter from “solid” in September.

The Fed reiterated that future rate hikes would be contingent on the impact of previous rate hikes on the economy, lag effects and economic developments."In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook," the statement read.

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