Stocks jump after Fed rate decision

U.S. stocks climbed Wednesday as investors felt relieved that the Federal Reserve once again left interest rates unchanged. That sent dividend-paying stocks higher. Energy companies jumped with the price of oil.

Stocks made a big gain after the Fed's decision. With the central bank confirming that it will raise interest rates slowly, bond yields dropped and utility and phone companies rose.

Oil prices jumped as fuel stockpiles shrank and investors hoped supply gluts were easing. The Energy Information Administration said oil inventories fell by 6.2 million barrels and gasoline inventories decreased by 2.5 million barrels last week.

Benchmark U.S. crude rose 2.9% to $45.34 a barrel in New York. Brent crude, used to price international oils, rose 2.1% to $46.83 a barrel in London. That helped energy companies. Anadarko Petroleum shares rose 4.8% to $61.06 and Chevron advanced 2% to $99.63.

The Fed ruling boosted dividend-paying companies while bond prices changed course and moved higher. The yield on the 10-year Treasury note fell to 1.66% from 1.69%.

Adobe Systems climbed 7.1% to $107.78 after the software maker raised its forecasts for the year and posted solid third-quarter results.

FedEx boosted its forecasts for the year as it projected a record holiday season and posted better first-quarter results than analysts expected. The stock rose 6.9% to $173.86.

Japan's central bank made some changes that give it more influence over long-term interest rates. It said it would keep trying to stimulate the Japanese economy until inflation is higher than 2% a year, but it didn't reduce interest rates any further. The dollar fell to 100.44 yen from 101.84 yen.

Student lender Navient fell 3.7% to $13.28 after regulators began investigating one of its shareholders. The Securities and Exchange Commission said hedge fund manager Leon Cooperman and Omega Advisors illegally traded on insider information by buying shares of a natural gas company before it sold a natural gas facility, which sent its stock soaring. Cooperman denied the charges.

Microsoft climbed 1.7% to $57.76 after it said it will buy back $40 billion in stock and raised its quarterly dividend. Target rose 1.2% to $69.47 after it said it plans to buy back $5 billion in stock.

Wholesale gasoline rose 3 cents, or 2.5%, to $1.40 a gallon. Heating oil rose 2 cents, or 1.7%, to $1.43 a gallon. Natural gas rose 1 cent to $3.06 per 1,000 cubic feet.

The euro rose to $1.1180 from $1.1157.

Gold rose $13.20, or 1%, to $1,331.40 an ounce. Silver rose 49 cents, or 2.5%, to $19.77 an ounce. Copper fell 1 cent to $2.16 a pound.