U.S. markets got a boost from the U.S. Federal Reserve's latest interest rate announcement, moving higher in the afternoon while Canadian markets followed suit. 

The S&P/TSX Composite Index closed up 185.13 points, or 0.85 per cent, at 22,045.71.

In New York, the Dow Jones Industrial Average was up 401.37 points at 39,512.13. The S&P 500 Index was up 46.11 points at 5,224.62 points, while the Nasdaq Composite was up 202.62 points at 16,369.41.

The Canadian dollar traded for 73.75 cents U.S. compared with 73.63 cents U.S. on Tuesday.

The May crude contract was down US$1.46 at US$81.27 per barrel and the May natural gas contract was down three cents at US$1.85 per mm/BTU.

The April gold contract was up US$1.30 at US$2,161 an ounce and the May copper contract was down two cents at US$4.05 a pound.

This report by The Canadian Press was first published March 20, 2024.