(Updates to after Fed announcement)

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Nvidia ( NVDA ) hits $5 trillion in market value

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Alphabet, Microsoft ( MSFT ) and Meta to report after close

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S&P 500 up 0.1% after Fed decision

By Caroline Valetkevitch

NEW YORK, Oct 29 (Reuters) - U.S. stocks rose on

Wednesday, and added to gains after the Federal Reserve cut

interest rates by a quarter of a percentage point as expected

and said it will restart limited purchases of Treasury

securities.

Fed policymakers also noted the limits in their

decision-making process due to the U.S. federal government

shutdown.

The Fed lowered the overnight benchmark rate to a target

range of 3.75%-4.00%, the second time the U.S. central bank

eased this year.

"In a head nod to the dearth of data, the Fed had to qualify

the entire statement by saying 'available indicators,' because

there aren't a lot of them with the government shutdown," said

Brian Jacobsen, chief economist at Annex Wealth Management.

Also supporting stocks on Wednesday, Nvidia ( NVDA ) became the

first company to crack $5 trillion in market valuation. Its

stock was last up 3%. It has risen more than 50% this year,

leading the AI rally on Wall Street.

The Dow Jones Industrial Average rose 99.13 points,

or 0.21%, to 47,805.50, the S&P 500 gained 8.66 points,

or 0.13%, to 6,899.55 and the Nasdaq Composite gained

113.34 points, or 0.48%, to 23,940.84.

Investors are anxiously awaiting results from several

megacaps this week, with Meta Platforms ( META ), Microsoft ( MSFT )

and Alphabet all due after the bell.