Key Highlights

● The Dow Jones Industrial Average rose 97.53 points.

● The gain came despite a hawkish Fed statement.

● Energy and technology names helped lift the index.

● The index has gained ground over the course of the week.

The Dow Jones Industrial Average rose 97.53 points, shrugging off a Federal Reserve decision that leaned hawkish. The blue-chip average swung after the announcement but ended in positive territory, a modest gain that came on a day when the Fed signaled it remains ready to raise rates again.

The Fed left its benchmark rate range unchanged in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting, preferring a rate hike, marking Cook's first dissent since joining the Fed.

Why Stocks Held Up Anyway

Several factors helped the Dow look past the hawkish tone. The hold itself was expected, and the Fed's description of a strong economy is not bad news for corporate profits, with Fed Chair Kevin Warsh saying capital spending is not just strong, but it is broadening.

Energy names also helped the broader market, as the climb in oil lifted the sector to one of the day's best showings, and earnings have been solid, with a large majority of reporting S&P 500 companies topping estimates.

Dow Components in the Mix

Microsoft, a Dow member, ended the regular session little changed ahead of its earnings before rising in extended trading after beating expectations on revenue and Azure cloud growth.

Bond markets moved sharply, with long-dated Treasury yields climbing while the two-year yield eased, steepening the curve, and the Dow has gained ground over the course of the week.