It was all about Boeing Co. (BA - Get Report) and the Federal Reserve Wednesday. 

Boeing crushed both earnings and guidance estimates, and the Dow Jones Industrial Average soared more than 400 points. 

Boeing

Earnings should come within a range of $19.90 to $20.10 a share, firmly ahead of Refinitiv's 2019 forecast of $18.30, the aircraft manufacturing giant said in its earnings report. RealMoney's Kevin Curran reports that Boeing's inventory backlog, as well as its enormous cash pile sets it up for the future. The stock rose 6.5% to $388.64 a share Wednesday afternoon. 

The Fed 

The Federal Reserve did not raise interest rates Wednesday, another tailwind powering the U.S. stock market Wednesday. However, the market already had priced in either zero rate hikes or no more than one. What stock investors really loved was the word "patient," used by Federal Reserve Chairman Jerome Powell in his speech. 

"The market, I think, is looking much more so for language in the statement that says 'we are officially on pause,'" said Danielle DiMartino Booth, Former Adviser to the President of the Dallas Federal Reserve just before the Fed's comments. The market didn't get the word "pause," but it got the word "patient," which was evidently good enough for stocks investors. It's becoming increasingly clear there won't be many rate hikes in 2019, if at all. 

"The no-rate-hike decision was largely expected, but the specific mention of patience regarding future rate hikes should be well received by markets," wrote Jason Pride, Glenmede's chief investment officer for private clients. 

Follow Jacob Sonenshine on TheStreet or on Twitter @SonenshineJ.

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