North American stock markets posted triple-digit gains Wednesday following today’s decision on U.S interest rates.

The S&P/TSX composite index jumped 178.14 points, or 1.37%, to 13,155.55, after the U.S. Federal Reserve decided to keep its key interest rate unchanged at 5.25% – as expected.

However, the central bank dropped language that tilted more towards future rate hikes, raising the possibility that investors can look forward to a cut in rates later in the year.

All 10 of the TSX 10 main groups were higher, led by a 1.9% jump in energy issues and a 1.4% rise in financials.

Oil prices were higher as the U.S. Department of Energy said crude supplies rose by a bigger-than-expected four million barrels last week. The May contract for light sweet crude on the New York Mercantile Exchange was well off earlier highs but still closed ahead 36¢ to US$59.61 a barrel.

Petro-Canada advanced 99¢ to $43.50 and EnCana gained 74¢ to $56.03.

Royal Bank closed ahead $1 to $58.20 and Bank of Montreal was up $1.45 to $71.28.

The mining index gained 1.7% with Teck Cominco ahead $2.17 to $77.77.

The junior S&P/TSX Venture composite index rose 19.18 points, or 0.62%, higher to 3,097.62.

The Canadian dollar gained 0.38 of a cent to close at US86.54, adding to Tuesday’s 1.25¢ surge.

In New York, the Dow Jones industrials surged 159.42 points or 1.30%, to 12,447.52 after the Fed decided to keep its key interest rate unchanged

The Nasdaq composite index was up 47.71, or 1.98%, points to 2,455.92.

The S&P 500 index was ahead 24.1 points, or 1.71%, to 1,435.04.