Update: S&P 500, Nasdaq Rise For Third Day Following Fed Pause

05:08 PM EDT, 10/28/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) The S&P 500 and the Nasdaq Composite extended their winning streak to a third consecutive session Wednesday following the Federal Reserve's split decision to hold interest rates steady. The S&P 500 and the Nasdaq ended 0.3% higher each at 7,743.98 and 26,549.85, respectively. The Dow Jones Industrial Average edged up 0.2% to 52,475.10. Most sectors were in the green, led by technology, while utilities led the laggards. The US central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.75% to 4%, as widely expected, marking a pause after last month's 25-basis-point increase. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented with the majority, preferring a 25-basis-point rate hike, the FOMC said in its statement. "Inflation remains elevated," the committee said. "The accumulation of more information will help the committee determine the policy stance appropriate to ensure a timely return of inflation to the committee's 2% goal." The statement sounded "slightly more hawkish," Morgan Stanley said, noting that the FOMC now describes economic activity as "strong" -- a shift from its "solid" description previously. Markets are now pricing in an 83% probability that the FOMC will hike rates by 25 basis points at its next meeting in December, according to the CME FedWatch tool. "Today's pause increases the likelihood of another quarter-point hike in December," TD Economics said. "With demand still firm and oil prices elevated, the Fed will need to tighten policy further to limit the pass-through to core inflation. The extent of additional tightening will remain data-dependent, but at least one more hike by year-end is a safe bet." Treasury yields were mixed, with the two-year rate falling 4.2 basis points to 4.7% and the 10-year rate up two basis points at 5.01%. In company news, Boston Scientific (BSX) lowered its full-year financial outlook amid the impact of a cybersecurity incident earlier this year, while the medical device maker's third-quarter earnings fell year over year. Its shares slumped 5.8%. Brinker International (EAT) raised its full-year forecasts Wednesday following strong sales growth at Chili's Grill & Bar in the fiscal first quarter, while Wingstop (WING) lowered its outlook as quarterly same-store sales declined. Shares of Brinker and Wingstop both gained 12%. Wendy's (WEN) surged 15% after an investor group including Trian Fund Management proposed acquiring the fast-food chain at $7.35 a share in cash. West Texas Intermediate crude oil was up 1.8% at $101.68 a barrel in Wednesday late-afternoon trade, while Brent edged up 0.1% to $114.04 a barrel. The US has asked several Gulf Arab countries to be prepared for an intense military campaign after the US midterm elections, The Wall Street Journal reported, citing people briefed on the conversations. Iran-aligned Houthi militants said Tuesday they launched a missile at Saudi Arabia's biggest oil refinery, although the Kingdom didn't immediately confirm the attack, Reuters reported. Spot gold edged up 0.2% to $4,068.17 per troy ounce, while silver dropped 0.2% to $54.38 per ounce.