After The Bell: Stocks Close Higher After Fed Keeps Mum On Plans To Raise Interest Rates
(CBS) -- Stocks closed higher on Wednesday after the Federal Reserve kept interest rates unchanged, with no hint of a September rate hike, and a recovery of oil prices put traders in a buying mood. The S&P 500 gained 15, the NASDAQ added 23 and the Dow Jones industrial average closed up 121 points, settling to 17,751.
"I'm comforted by what the Federal Reserve said today. We are not going to see any sort of immediate and rapid increase in interest rates, it looks like lower rates are here for a awhile and the market has begun to reflect that," says David Brady, president of Brady Investment Counsel.
He adds that shares of Priceline Group: PCLN look attractive at current levels for the long-term investor.
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