Stocks spiked, reversing losses, and the Dow climbed back above 18,000 after the Federal Open Market Committee's policy announcement on Wednesday.
Near 3:39 p.m., the Dow was up 200 points, the S&P 500 was up 25 points, and the Nasdaq was up 48 points.
The Dow crossed 18,000 and the Nasdaq briefly touched 5,000 in trading.
The Fed dropped the word "patient" from its statement, signaling that rate hikes could come as soon as June; investors were focused on whether the Fed would change its language.
Federal Reserve Board Chair Janet Yellen explained the latest policy decision at a press conference on Wednesday.
US treasuries are higher, and the yield on the 10-year note slid below 2% for the first time since March to around 1.98%.
Gold climbed more than 1% to about $1,166 an ounce, after touching a four-month low on Tuesday. "The yellow metal, a non-interest yielding asset, has dropped nearly 3 percent this year on expectations of a US rate hike as the dollar goes from strength to strength on speculation that the Fed is becoming impatient," analysts at Accendo Markets wrote.
West Texas Intermediate crude reversed losses, rising by up to 4% to around $46.88 per barrel. Earlier, WTI slumped by as much as 2%, following the latest data on US crude oil inventories from the Energy Information Administration. According to the EIA, inventories rose by 9.6 million barrels last week, from 4.5 million. Analysts polled by Reuters had expected an increase of 3.8 million barrels. And inventories at Cushing, Oklahoma grew by 2.865 million to hit a record high.
On Tuesday, oil fell below $43 per barrel, its lowest level in six years, after data from the American Petroleum Institute showed that US production is still surging; inventories rose by 10.5 million barrels last week to 450 million, outpacing the expectation for a rise by 3.8 million barrels.
Here's what it looks like across markets right now:
And here's the spike in the Dow earlier:
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