US stocks rise as Fed shows no hurry to raise rates

Markets were mostly higher on Wednesday.

The S&P 500 rose 0.2 percent and the STOXX Europe 600 rose 0.3 percent.

US crude oil rose 2.9 percent to hit a new high for the year.

However, earlier in Asia, the Nikkei 225 and the Shanghai Composite both fell 0.4 percent.

The Federal Reserve monetary policy meeting on Wednesday gave few reasons for investors to worry about rapid increases in interest rates.

“There is nothing in the statement suggesting that the Fed is in a hurry,’’ said Gary Pollack, head of fixed-income trading in New York at Deutsche Bank AG’s private-wealth-management unit.

According to data from CME Group, federal-funds futures indicated a 15 percent chance of a rate increase at the Fed’s June policy meeting compared to a 21 chance before the Fed’s rate statement.

Jack Ablin, chief investment officer at BMO Private Bank, said that it “appears the path of least resistance for stocks right now is higher”.