Stocks powered higher Wednesday after the Federal Reserve signaled it could hold off on interest rate increases in the coming months, citing muted inflation.

The Fed's announcement allays one of the biggest concerns for investors: That the economy, and corporate profits, could be hurt if the Fed continued to steadily increase interest rates after raising them four times last year.

"The Fed gave the market everything it wanted in terms of a dovish message," said Willie Delwiche, investment strategist at Baird. "Now it's saying maybe there will be rate hikes, maybe there won't be."

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