New york: US stocks closed higher Wednesday, driven by gains in key tech names, as investors weighed the release of the minutes from the Fed’s policy meeting last month.

According to Anadolu Agency, the Dow Jones Industrial Average rose 0.26%, or 129.47 points, to 49,662.66. The Nasdaq gained 0.78%, or 175.25 points, to 22,753.64, while the S and P 500 added 0.56%, or 38.09 points, to reach 6,881.31. The Volatility Index (VIX), often referred to as the “fear index,” fell 3.3% to 19.62.

Investors closely examined the Federal Reserve’s January meeting minutes, which indicated that participants largely supported maintaining the key interest rate within a range of 3.5% to 3.75%. However, there was a split among officials regarding future monetary policy directions. The minutes noted that several participants believed further reductions in the federal funds rate target range might be necessary if inflation declines as anticipated.

Shares of Nvidia rose over 1.6% following Meta’s announcement on Tuesday regarding the deployment of millions of Nvidia chips for its data center expansion. Amazon, another member of the “Magnificent Seven,” saw its shares increase by approximately 1.8%.

In economic data, US industrial production in January rose 0.7% month-on-month, surpassing market forecasts of a 0.4% increase. Meanwhile, new orders for US-manufactured durable goods fell by 1.4% in December, which was a smaller decline than expected.