S&P 500 Index climbs above 4,400 after FOMC announcements

With the initial market reaction to the US Federal Reserve's policy announcements, Wall Street's main indexes continue to push higher. As of writing, the S&P 500 Index was up 1.4% on the day at 4,415, the Dow Jones Industrial Average was rising 1.5% at 34,415 and the Nasdaq Composite was gaining 1.3% at 14,942.

Although the FOMC's updated Summary of Economic Projections revealed that the number of policymakers who see a rate hike in 2022 rose to 9 from 7 in June, the Fed refrained from delivering a tapering timeline in its policy statement.

Fed leaves policy rate unchanged, judges asset tapering may soon be warranted.

Breaking: Fed policymakers see first rate hike in 2022.

The Fed said moderation in the pace of asset purchases may soon be warranted in case progress continues toward employment and inflation goals broadly but didn't clarify if that would occur before the end of the year. Investors are now waiting for Chairman Jerome Powell to deliver his opening remarks on the policy outlook and respond to questions.

Fed Quick Preview: Dots, taper signal insufficient for dollar, Powell could further plunge it.