The S&P 500 increased by 0.2%, the Dow went up by 242 points, or 0.6%, while the Nasdaq remained flat after earlier losses were erased. The market was on hold awaiting the Federal Reserve’s 2 p.m. ET decision.

Investors were anticipating a 25 basis point rate cut from the Fed, a move that would benefit banks by reducing overnight lending costs and stimulating economic growth. Lower interest rates typically lead to increased value for riskier assets like stocks.

Read more at Dow Jones & Company: Stocks Rise After Fed Votes for Final Rate Cut of the Year