The Federal Reserve will hold rates near zero until the virus is over.

Stocksrallied afterthe Federal Reserveconfirmed it will continue to support the U.S. economy in its recovery from the coronavirus.

The Dow Jones Industrial Average gained 162points, or 0.62percent, while the S&P 500 and the Nasdaq Composite rose 1.25percent and 1.35percent, respectively.

FED UNDERSCORES SUPPORT FOR ECONOMIC RECOVERY THREATENED BY CORONAVIRUS RESURGENCE

The Fed kept interest rates near zero, as expected, and saidit is "committed to using its full range of tools to support the U.S. economy" while also noting the pandemic has caused "tremendous human and economic hardship across the United States and around the world."

Large-cap tech stocks rose as AmazonCEO Jeff Bezos, Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai testified at an antitrust hearing in defense of theirbusiness practices.

Dow heavyweight Boeing Co. reported a larger than expected quarterly loss despite commercial airplane sales sinking 65 percent.

Elsewhere on the earnings front, General Motors Co. steered to a loss as dealers and factories were forced to temporarily close their doors amid the COVID-19 pandemic.

Starbucks Corp. global same-store sales tumbled 40 percent from a year ago, resulting in a $678.4 million quarterly loss. The company said 99 percent of locations in China and 96 percent of U.S. stores have reopened for business.

Meanwhile, computer chipmaker Advanced Micro DevicesInc. reported mixed top- and bottom-line results, and raised its revenue guidance for the remainder of the year.

General Electric Co. revenue edged out expectations, but earnings fell short. While the company spent $2.1 billion more on industrial operating expenses than it brought in, the deficit was smaller than expected.

Blue Apron Holdings, Inc.achieved a $1.1 million profit as more Americans cooked at home during the pandemic. The meal-kit maker forecast net sales growth for the rest of 2020.

Outside of earnings news, Spirit Airlines Inc. is preparing to tell unions on Friday that 20 percent to 30 percent of workers could be furloughed in October once the government stimulus package expires, according to an internal memo seen by Reuters.

Victorias Secret owner L Brands Inc. plans to cut 850 jobs, or 15 percent of its corporate workforce, in an effort to reduce annualized costs by $400 million.

Eastman Kodak Co. continued to surge after gaining 203 percent on Tuesday when it announced a pivot into the pharmaceutical business after receiving a $765 million government loan to produce generic drugs.

Looking at commodities, gold climbed $8.80 to a record-high $1,953.50 an ounce, the ninth straight session of gains while West Texas Intermediate crude oil gained 0.56 percent to $41.27a barrel.

U.S. Treasurys were little changed with the yield on the 10-year note near 0.578 percent.

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In Europe, Frances CAC traded up 0.6percent and Britains FTSE edged up 0.04percent while Germanys DAX slipped0.1percent.

Asian markets finished mixed, with Chinas Shanghai Composite surging 2.06 percent and Hong Kongs Hang Seng adding 0.45 percent after second-quarter GDP contracted by 9 percent, worse than the 8.3 percent drop that was expected. Japans Nikkei fell 1.15 percent.

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Tech leads stocks higher as CEOs testify and Fed keeps rates near zero - Fox Business