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Relief Rally Follows Wednesday Post-Fed Flop

The S&P 500 rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.

The Dow Jones Industrials recovered 135.62 points to 38,285.92.

The S&P 500 index recouped 28.89 points to 4,874,54.

The NASDAQ index climbed 129.32 points to 15,293.33.

Shares of conglomerate Honeywell sank nearly 4% after fourth-quarter revenue results missed analyst forecasts. Stock in chipmaker Qualcomm pulled back 3.8% after lower-than-expected revenue guidance overshadowed a first-quarter earnings beat.

Qualcomm shares dipped 4% even after the chipmaker reported fiscal first-quarter results that topped earnings and revenue estimates, citing strength in handset chips sales.

Wall Street is coming off a poor session. The Dow fell 317 points, or 0.8%, posting its worst day since December. The S&P 500 slid 1.6% on Wednesday in its worst day since September. The NASDAQ Composite lost 2.2%, its worst session since October.

Those losses come after Fed Chair Jerome Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March, sending equities tumbling.

Prices for the 10-year Treasury strengthened, lowering yields to 3.88% from Wednesday’s 3.93%. Treasury prices and yields move in opposite directions.

Oil prices rebounded 96 cents to $76.81 U.S. a barrel.

Gold prices slid $3.40 to $2,064.

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