02:35 PM EDT, 03/21/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday, extending their record closing runs from Wednesday, when the Federal Reserve maintained its expectations for three rate cuts this year.

The Dow Jones Industrial Average was up 0.8% at 39,815.9 after midday Thursday, while the S&P 500 and the Nasdaq Composite rose 0.4% each to 5,249 and 16,437.3, respectively. Among sectors, industrials and financials paced the gainers. Communication services and real estate were in the red.

On Wednesday, the central bank's Federal Open Market Committee held interest rates steady at 5.25% to 5.50%, 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.

"Despite a higher long-run rate, long-run (economic) growth was unchanged at 1.8%, indicating the Fed sees recent supply-side factors driving growth higher as temporary," Morgan Stanley said in a Thursday note. The brokerage said it continues to expect four cuts in 2024.

The US two-year yield rose 2.4 basis points to 4.63% intraday, while the 10-year rate was little changed at 4.28%.

In economic news, US existing home sales unexpectedly rallied last month as increased supply helped meet demand, data by the National Association of Realtors showed.

US private-sector growth slowed in March even as manufacturing output rose at the fastest pace in nearly two years, while overall business optimism improved, according to S&P Global's (SPGI) flash purchasing managers' index.

Weekly applications for unemployment insurance in the US unexpectedly fell, while continuing claims rose, according to government data.

West Texas Intermediate crude oil fell 0.4% to $80.95 per barrel intraday.

In company news, Micron Technology (MU) shares surged 16%, the top gainer on the S&P 500 and the Nasdaq. The memory and storage product maker late Wednesday unexpectedly swung to a profit for the fiscal second quarter as pricing gains propelled revenue above Wall Street's estimates.

Accenture (ACN) on Thursday lowered its full-year revenue growth outlook amid macroeconomic uncertainties as the consulting firm's fiscal second-quarter sales fell short of market expectations. The company's shares slumped 9.1%, the steepest decline on the S&P 500.

Apple (AAPL) was the worst performer on the Dow and among the steepest decliners on the S&P 500 and the Nasdaq, down 4.1%. The iPhone maker is facing a lawsuit filed by the US Department of Justice and 16 state and district attorneys general for alleged "monopolization or attempted monopolization" of smartphone markets.

Apple said the suit was "wrong on the facts and the law" and that the company planned to defend against it.

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

Gold was up 1.1% at $2,183.90 per troy ounce, while silver slid 0.5% to $24.98 per ounce.