In afternoon action, the Nasdaq composite jumped 1.4%. The S&P 500 was up 0.8%, as was the Dow Jones Industrial Average. At least five of the Dow's components rallied 2 points or more.

Small caps also surged as the Russell 2000 rallied 1.4%. Volume throughout the market was running flat vs. the same time Wednesday on the Nasdaq and higher on the New York Stock Exchange.

Wednesday's Big Picture adds details on how the stock market reacted to the U.S. central bank's decision to keep short-term interest rates unchanged. The Fed noted that the bank is showing concern regarding the lack of recent progress on inflation.

However, data from the CME FedWatch survey continues to show the decent possibility of at least one rate cut in the fed funds rate, currently at a range of 5.25%-5.5%, sometime later this year.

Qualcomm, the wireless tech innovator, rose nearly 10% and surpassed a 175.99 early buy point within a two-month base in volume running five times its 50-day moving average. Qualcomm stock also moved past a 177.59 standard entry and remains in the 5% buy zone.

Carvana Stock: Will It Lead In 2024?

Also on the stock market today, Carvana, a major nationwide player in the used car market, soared nearly 30% on its quarterly results. The company posted earnings of 23 cents a share in the first quarter, a huge turnaround from a net loss of $1.51 a year ago. Wall Street expected a net loss of 79 cents.