NEW YORK (AP) — U.S. stocks ended higher after the Federal Reserve left interest rates unchanged and forecast it will raise rates more gradually than it had envisioned late last year.
The market had been lower before the Fed released its statement, which highlighted strength in hiring and housing, but weakness in exports and concerns over slower global economic growth.
Oil prices surged on reports that major oil-producing nations will discuss curbing output.
The Dow Jones industrial average rose 74 points, or 0.4 percent, to 17,326.
The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 2,027. The Nasdaq composite rose 35 points or 0.8 percent, to 4,763.
Bond prices rose sharply on the Fed's announcement. The yield on the 10-year Treasury fell to 1.91 percent.
