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US stock market closes higher after Fed decision

US stock market closes higher after Fed decision
Stocks increase while crude prices extend gains as Fed keeps interest rates unchanged

The U.S. stock market closed higher Wednesday after the Federal Reserve kept its interest rates unchanged.

The Dow Jones industrial rose 74 points to end at 17,326, while the S&P 500 increased 11 points to close at 2,027. The Nasdaq jumped 35 points to end the day at 4.763. After two days of meetings, the Fed kept its benchmark interest rate at 0.25-0.50 percent.

The bank noted that global economic developments and low energy prices lead to expectations that inflation is set to remain low in the near term -- below the bank's target of 2 percent.

After the Fed's decision, oil prices also recorded gains.

At the close, American benchmark West Texas Intermediate had gained almost 6 percent to trade at $38.50 per barrel, while global benchmark Brent crude increased more than 4 percent to reach $40.30.

In addition, the Euro extended its gains against the dollar -- moving from 1.1088 to 1.1170 after the Fed’s announcement, and climbing to 1.1225 at the close of markets.

The U.S. dollar continued to fall against the Turkish Lira, from 2.9134 before the announcement to 2.8676 when the markets closed.

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