The Dow Jones Industrials survived heavy losses earlier in the day and forged higher 6.92 points by the close Wednesday at 34,092.96.
The S&P 500 hiked 42.61 points, or 1.1%, to 4,119.21.
The NASDAQ Composite surged 231.77 points, or 2%, to 11,816.32, boosted by gains in chipmakers following strong earnings from Advanced Micro Devices
The Fed’s latest hike represented a slowing from its half-point increase in December, giving a nod to investors hoping the central bank would ease off its aggressive tightening campaign. They were further encouraged by Powell’s comments.
Stock benchmarks also got a boost as fourth quarter corporate earnings largely continued to show resilient profits. Peloton shares surged 26.5% after the fitness equipment company said its net loss narrowed year over year. Advanced Micro Devices shares gained 12.6% after the semiconductor company reported a fourth-quarter earnings beat.
Prices for the 10-year Treasury regained strength, lowering yields to 3.42% from Tuesday’s 3.50%. Treasury prices and yields move in opposite directions.
Oil prices dipped two dollars to $76.87 U.S. a barrel.
Gold prices jumped $22.40 to $1,967.70 U.S. an ounce.