03:53 PM EDT, 03/21/2024 (MT Newswires) -- US benchmark equity indexes rose ahead of Thursday's close, extending rallies to records after the Federal Reserve a day earlier maintained its expectations for three rate cuts this year.

The Dow Jones Industrial Average was up 0.8% at 39,813.9, while the S&P 500 rose 0.4% to 5,245.6. The Nasdaq Composite advanced 0.3% 16,415.3. Almost all sectors rose, led by industrials. Only communication services posted a drop.

On Wednesday, the central bank's Federal Open Market Committee held interest rates steady at 5.25% to 5.5%, marking the fifth straight pause. The FOMC left its median rate expectation for this year unchanged at 4.6%, indicating three cuts, but raised the outlooks for 2025 and 2026.

The US two-year yield rose 3.7 basis points to 4.61%, while the 10-year rate was little changed at 4.28%.

Nike ( NKE ) , FedEx ( FDX ) and Lululemon Athletica ( LULU ) are among the companies scheduled to report quarterly results after the closing bell.

West Texas Intermediate crude oil fell 0.3% to $81.07 per barrel.