US stocks end higher after Federal Reserve upgrades economic outlook

4:05pm: US equities end higher after Fed speak US stocks climbed higher after the Federal Reserve upgraded its economic outlook and promised no interest rate hikes through 2023. The central bank also said it will slightly tolerate higher inflation. Core inflation is expected to hit 2.2%, while the Fed’s stated goal is to keep inflation at 2% over the long run. On the day, the Dow Jones Industrial Average increased 189 points, or 0.58%, to 33,015. That’s the first time the index has surpassed the 33,000 mark.   The S&P 500 jumped 0.29% to 3,974 and the tech-heavy Nasdaq rose 0.40% to 13,525.  12.30pm: US stocks mixed at lunch US stocks were mixed at lunch as traders await comments following the Federal Reserve meeting and bond yields were up again. The Dow Jones Industrial Average added over 107 points at 32,932, while the Nasdaq went the other way, plunging  almost 144 points at 13,328. The broader-based S&P 500 shed nearly 14 points at 4,948. The US central bank chair Jerome Powell will speak at a news conference after the meeting ends on Wednesday afternoon. Investors will undoubtedly be looking for hints as to monetary policy going forward and when the Fed may ease back its asset purchasing program. 11.15am: Proactive North America headlines: VR Resources Ltd (CVE:VRR) (OTCQB:VRRCF) (FRA:5VR) plans phase 2 drilling in June at Reveille project as it updates on first phase American Resources Corporation (NASDAQ:AREC) moves forward with planned 2kW mobile electrolytic cell rare earth processing plant VolitionRx Limited (NYSEAMERICAN:VNRX) says new data demonstrate Nu.Q's effectiveness in monitoring treatment of Sepsis FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) partners with TGS Esports for live esports tournament prediction games KULR Technology Group Inc (OTCQB:KULR) partners with Andretti Technologies to develop thermal management tech for EV motorsports Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW) submits pre-investigational new drug meeting request with US FDA for its DMT stroke research program FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) (FRA:0K9A) in license agreement with Innovet Italia to develop FDA-approved drugs to treat gastrointestinal diseases in dogs and cats Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) announces discovery of new gold zone at Parbec deposit, Quebec Psyched Wellness Ltd (CSE:PSYC) (OTCQB:PSYCF) (FRA:5U9) submits patent application for AME-1 Ascendant Resources Inc (TSE:ASND) (OTCMKTS:ASDRF) (FRA:2D9) to start Phase 2 metallurgical test work at its Lagoa Salgada project in Portugal Tinka Resources Limited (CVE:TK) (OTCPINK:TKRFF) (FRA:TLD) reports more strong drill results from Ayawilca in Peru ahead of updates resource estimate and PEA Benchmark Metals Inc (CVE:BNCH) (OTCQB:CYRTF) (FRA:87CA) says AGB zone could be high-grade starter pit after latest drill results Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) closes its C$13.8M equity financing  Victory Square Technologies  Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) plans to invest up to $5M to start commercializing ventures incubating in stealth mode Todos Medical Ltd (OTCQB:TOMDF) says "excited about the path in front"as it continues to build into a world-class company Canada Silver Cobalt Works  Inc (CVE:CCW) (OTCMKTS:CCWOF) (FRA:4T9B) hails 'excellent' results in bench scale tests involving Re-2Ox process  Ximen Mining Corp (CVE:XIM) (OTCQB:XXMMF) (FRA:1XMA) completes an airborne geophysical survey of its Providence and Bud-Elk properties in British Columbia  Vuzix Corporation (NASDAQ:VUZI) receives deployment order for its M400 Smart Glasses from a US-based Fortune 100 insurance and financial services company  Royal Road Minerals Limited (CVE:RYR) restarts drilling program at Caribe gold project with more powerful rig  BioPorto A/S (CPH:BIOPOR) says 2021 "will be a pivotal year" as it publishes its 2020 Annual Report  9.38am: Wall Street makes cautious start Wall Street has made a cautious start to Wednesday’s session as traders seem content to sit back and await the latest commentary from the Federal Reserve. Shortly after the opening bell, the Dow Jones Industrial Average rose 0.1% to 32,864, while the S&P 500 dropped 0.45% to 3,944 and the Nasdaq slipped 1.1% to 13,319. Investors may be treading lightly in equities amid concerns that any comments from Fed chair Jerome Powell later today could cause a shift in bond yields, the rising of which in recent weeks has pressured stocks. Sentiment may also have been dented slightly by a 10.3% slump in US new home starts in February, according to new data, as winter storms caused the American construction sector to freeze up a little. 7:50am: Wall Street to open on a mixed footing Wall Street is expected to see a mixed opening after Tuesday's dip, as investors await the outcome of the latest US Federal Reserve meeting. There is an air of caution ahead of the Fed's announcement, with all eyes on what the central bank will say about the prospects of rising inflation. US Treasury yields have been on the rise in recent weeks on concerns that a post-pandemic economic recovery could drive up prices. The 10-year yield has climbed from 1.62% overnight to a new 13 month high of 1.65%. Dave Madden at CMC Markets UK said: "Jerome Powell, the head of the Fed, is in a difficult spot as he doesn’t want to hike rates anytime soon but at the same time, he can’t ignore the rise in yields and the increasing chatter that higher inflation is in the pipeline. Mr Powell will probably make it clear that the Fed won’t be pushed around by the bond market and that it will stay the course with respect to its policy as its economic aims are far from being achieved." The Dow Jones Industrial Average is expected to open around 26 points higher at 32,852 but the S&P 500 and Nasdaq Composite are both indicated to open marginally lower. Four things to watch for on Wednesday: The earnings diary will feature results from lab instrument maker Agilent Technologies Inc (NYSE:A) and cleaning supplier group Cintas Corp (NASDAQ:CTAS), while coffee giant Starbucks Corp (NASDAQ:SBUX) will begin its annual general meeting Shares in Uber Technologies Inc (NYSE:UBER) will also be in focus after the company said it will label all its UK drivers as workers, entitling them to employment rights, following a court ruling Listed firms reliant on computer chips are also likely to attract attention after the boss of Samsung warned overnight of problems arising from a global shortage of semiconductors Aside from the Fed meeting later there is little in the macro diary to excite investors, although US mortgage applications and building permit data could draw some eyeballs