NEW YORK (TheStreet) -- Stocks extended session highs Wednesday after the Federal Reserve left interest rates unchanged for the 54th meeting in a row.
The S&P 500 was up 0.79%, the Dow Jones Industrial Average rose 0.8%, and the Nasdaq gained 0.51%.
Fed members unanimously decided to leave the fed funds rate unchanged at its crises-level of 0% to 0.25%, as economists expected. Members were poker-faced in their statement following a two-day meeting, giving no hint of a rate hike at their next meeting in September.
"In line with our estimates, the Fed did not put itself in a position where it had to hike at the next meeting," said Dan Greenhaus, chief strategist at BTIG Research. "There is plenty of time between now and the September meeting for FOMC officials to prepare markets for a September hike."
Crude oil prices closed 1.7% higher to $48.79 a barrel after weekly data on U.S. crude inventories declined by 4.2 million barrels for the week ended July 24, according to the Energy Information Administration. Economists expected stocks to decline by 200,000 after an increase of 2.5 million a week earlier.
Energy stocks were among the best performers in trading on Wednesday. PetroChina (PTR) - Get Report, Total (TOT) - Get Report, Shlumberger (SLB) - Get Report, and ConocoPhillips (COP) - Get Report were all higher, while the Energy Select Sector SPDR ETF (XLE) - Get Report added 1.3%.
Twitter (TWTR) - Get Report fell 14.5% on worries over user growth. Chief Financial Officer Anthony Noto noted in a conference call that sustained user growth was unlikely until redesigns allow Twitter to reach the mass market. Users rose by 2 million to 304 million over the quarter. Second-quarter earnings of 7 cents a share beat estimates by 3 cents and revenue rose 61% from a year earlier.
Yelp (YELP) - Get Report plummeted more than 26% after reporting a mixed quarter. The online reviews company posted a surprise second-quarter loss of 2 cents a share, while revenue edged past expectations. Third-quarter revenue forecasts between $139 million and $142 million missed estimates of $152.7 million.
Gilead Sciences (GILD) - Get Report added 4.4% after reporting second-quarter earnings of $3.15 a share, 44 cents above estimates. Revenue jumped 26% to $8.2 billion and beat expectations by $590 million. Full-year revenue guidance was also increased.
Humana (HUM) - Get Report beat earnings estimates and reporting in-line revenue for its second quarter. The managed health care company earned $1.67 a share, 4 cents more than expected, while revenue of $13.73 billion jumped more than 12%.
MasterCard (MA) - Get Report fell 1% after missing second-quarter earnings estimates and reporting in-line revenue. The credit card company earned 81 cents a share, 4 cents below estimates, on revenue of $2.4 billion. Sales increased 1% from a year earlier.
Pending home sales fell 1.8% to 110.3, according to the National Association of Realtors. The reading fell back from sales at a nine-year high of 112.3 in May and marked the first decline in half a year. Economists had expected the measure to increase 1%.