As Wall Street digested the Federal Reserve's latest statement, US stocks finished higher. The Dow Jones Industrial Average climbed 104.95 points to 36,157.58, up 0.29 percent. The S&P 500 index rose 29.92 points, or 0.65 percent, to 4,660.57. The Nasdaq Composite Index rose 161.98 points to 15,811.58, up 1.04 percent.

Eight of the 11 primary S&P 500 sectors finished in the green, with consumer discretionary leading the way with a gain of 1.84 percent. The worst-performing sector was energy, which fell 0.83 percent, according to the Xinhua news agency. Nine of the top ten stocks by weight in the S&P US Listed China 50 index ended the day on a positive note, indicating that Chinese companies listed in the United States are doing well. The Federal Reserve announced on Wednesday that it will begin tapering its asset purchases later this month, citing concerns about rising inflation.

Inflation is high, owing to a number of factors that are expected to pass quickly. Supply and demand imbalances resulting from the pandemic and the economy's reopening have resulted in significant price increases in some sectors. After a two-day policy meeting, the Federal Open Market Committee (FOMC), the Fed's policy-making committee, issued a statement.

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