The stock market closed higher on Wednesday as the Federal Reserve began its policy meeting.

The Nasdaq Composite rose 0.9%, the S&P 500 gained 1.2%, and the Dow Jones Industrial Average added 0.6%.

Meta Stock was the biggest gainer of the day, surging more than 20% following the release of its quarterly earnings report.

Tech stocks led the post-Fed rally, with the tech-heavy Nasdaq outperforming the other major indices. Other stocks that rose included Apple, Microsoft, and Amazon.

The Federal Reserve began its two-day policy meeting on Wednesday, with markets expecting the central bank to hike interest rates by a quarter point. The Fed is also expected to provide guidance on its plans for the rest of the year.

In other news, the Dow erased earlier declines as the Fed meeting got underway. The index had been down earlier in the day due to concerns about rising inflation and the potential for higher interest rates.

Overall, the stock market ended the day higher, with investors optimistic about the prospects for the economy.