WASHINGTON: US stocks closed mostly higher on the back of strong earnings and Federal Reserve’s decision to keep the rate unchanged. The Dow Jones Industrial Average jumped 97.58 points to close at 21,711.01 and hit intraday and closing records. The S&P 500 hit an intraday record before closing flat at 2,477.83. The Nasdaq composite climbed 0.16% to 6,422.75 and also notched all-time highs.
The Fed was widely expected to keep monetary policy steady. The central bank, however, laid the groundwork for winding down its massive stimulus program in September. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded at a record low, breaking below 9, shortly after the Fed released its statement. In commodities, U.S. crude for September delivery rose 1.8% to settle at USD 48.75 a barrel after the Energy Information Administration reported a crude drawdown of 7.2 million barrels.