The broader U.S. stock market averages ended a volatile session 0.2% higher, after traders digested the FOMC's latest interest rate decision and press conference by Fed Chair Janet Yellen. Utility names led the way higher Wednesday, while financial and energy names lagged. Elsewhere, the U.S. dollar index fell 0.8%.
The median estimate of the 17 Fed decision makers remains for two interest rate hikes before the end of the year, dependent on an improvement in economic activity. That said, we're seeing some disconnect in the Fed funds futures, which are currently predicting only a 57% probability of an interest rate hike by December.
Kythera Biopharmaceuticals (KYTH) was the big winner of the session, gaining 22%. The company received a $2.1 billion takeover offer from Allergan (AGN). TripAdvisor (TRIP) also moved more than 14% higher on Wednesday, after announcing a booking partnership with Marriott (MAR).
In after-hours action, Oracle (ORCL) was trading down more than 6%, after posting lower-than-expected quarterly results. Jabil (JBL) was more than 8% lower after reducing forward guidance. On the other hand, BioMarin (BMRN) surged 6% after management announced solid data from a clinical trial.
Looking ahead to Thursday morning, Rite Aid (RAD) and Kroger (KR) headline the earnings calendar. On the economic front, we'll get a look at consumer prices and the weekly jobless claims before the opening bell.