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U.S. stocks ripped higher on Wednesday, hitting new 2023 highs, as investors dissected the Federal Reserve’s last interest rate decision of the year.

The benchmark S&P 500 (^GSPC) the Dow Jones Industrial Average (^DJI), and the tech-heavy Nasdaq Composite (^IXIC) all rose about 1.3% in the wake of the decision. The Dow rose nearly 500 points, breaching 37,000 and hitting its highest close ever.

The Fed held its benchmark interest rate in a range of 5.25%-5.50%, the highest in 22 years, on Wednesday. The move had been widely anticipated by investors.

Also in the Fed’s release was the central bank’s Summary of Economic Projections, which includes central bankers projections for interest rates next year. The Fed now sees 75 basis points of rate cuts coming in 2024, which accounts for one more rate cut than had been projected in September.

Elsewhere, oil rose to come off the lowest levels since June as the market weighed the COP28 deal to transition away from fossil fuels. West Texas Intermediate (CL=F) and Brent crude futures (BZ=F) both added roughly 1%, trading around $69 a barrel and $74 a barrel, respectively.

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