Stocks turned up on Thursday, one day after the major averages rallied in response to the Federal Reserve sticking to an outlook for two interest rate cuts in 2025.

The Dow Jones Industrial Average traded 87 points higher, or 0.2%. The S&P 500 rose 0.2%, and the Nasdaq Composite rose 0.27%.

Big techs mostly jumped. Meta up nearly 3%; Amazon up 1%; Nvidia up 0.8%; Tesla turned positive.

While the Fed kept a forecast for two rate cuts this year and held the federal funds rate in a range of 4.25% to 4.5% Wednesday, the central bank also raised its inflation outlook and lowered its economic growth projection. Traders largely expect the Fed to not make any moves, however, before officials see the impact of tariffs.

Fed Chair Jerome Powell labeled the potential effect of tariffs on inflation as likely being short-lived or transitory.

″‘Transitory’ is back, or at least that was the insinuation. The market reaction, to me, says that investors are willing to believe that tariffs and other policies won’t create lasting inflationary pressures and that the Fed can stay in control,” said Elyse Ausenbaugh, head of investment strategy at J.P. Morgan Wealth Management.

As White House tariff policies rattled markets earlier this month, President Donald Trump said the economy could see “a period of transition.” A tariff exemption on select Canadian and Mexican imports expires April 2.

The president suggested in a Truth Social post late Wednesday that the Fed should cut rates as the administration moves forward with its tariff plans, and Commerce Secretary Howard Lutnick said on Fox News that viewers should buy shares of Tesla, adding “it’ll never be this cheap again.”