NEW YORK (TheStreet) -- The Federal Open Market Committee meeting ended on Wednesday and, as expected, the Federal Reserve maintained its dovish stance on interest rates.

Even though the Fed removed the word "patient" from its communique, it did maintain the importance of economic data. Hence, as long as the data remains weak, there will be no interest rate increase. And the fact that the Fed cut both growth and inflation forecasts going forward tells you all you need to know as far as hiking interest rates any time soon.

This is directly reflected in the performance of the stock market after the 2:00 P.M. release of the Fed statement.

From being lower by more than 145 points earlier on Wednesday, the DJIA made a turn and finished higher by 227 points to close at 18,076.19. The S&P 500 was higher by 25.22 to finish at 2,099.50. The Nasdaq gained 45.39 points to close at 4,982.82 while the Russell 2000 closed up 9.91 at 1,252.14.

Also, the Barclays 20-Year Treasury Bond Fund (TLT) - Get iShares 20+ Year Treasury Bond ETF Report gained a whopping 1.93% on Wednesday with the DB U.S. Dollar Index Bullish Fund (UUP) - Get Invesco DB US Dollar Index Bullish Fund Report losing a whopping 1.98%.

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Taken as a whole, these appear to be all indicators of a slowing economy and more evidence that the Fed will not raise interest in the near future.

In sum, the stock market was given the green light to move higher.

Stocks to buy that were oversold, Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report, BP (BP) - Get BP p.l.c. Sponsored ADR Report and Marathon Oil (MRO) - Get Marathon Oil Corporation (MRO) Report, are no longer oversold. 

Oil stocks were the big winners on Wednesday with the Goldman Sachs Crude Oil TrustETN (OIL) - Get iPath Series B S&P GSCI Crude Oil ETN Report up nearly 6% from an oversold signal earlier in the day.

This article is commentary by an independent contributor. At the time of publication, the author held OIL.