US stocks rise after Fed decision as yen, oil prices gain [Video]

Wall Street stocks rose Wednesday after the US Federal Reserve signaled it could cut interest rates as soon as September, while strong results from a key chip maker lifted semiconductor shares.

Major US indices spent almost the entire day in positive territory, hitting peaks during Fed Chair Jerome Powell’s press conference before edging down a bit.

“The Fed delivered what the markets anticipated in terms of opening the door to a rate cut in September without overcommitting,” said LBBW’s Karl Haeling.

The tech-rich Nasdaq Composite Index led major indices, gaining 2.6 percent.

Meanwhile, the yen rallied after the Bank of Japan hiked interest rates for just the second time in 17 years, while oil prices rose on renewed tensions in the Middle East.

Shares closed higher in Paris and Frankfurt, as well as London.

After two days of deliberations, Fed policymakers voted unanimously to maintain interest rates at a 23-year …