US stocks rose the most in two weeks on Wednesday, as a rally in financials and falling oil prices cheered investors while the Federal Reserve did nothing to spook markets, keeping interest rates on hold in a widely expected decision.

The benchmark S&P 500 closed 0.6 per cent higher at 1,321.97 points while the Dow Jones Industrial Average was roughly flat at 11,811.83. The Nasdaq Composite advanced 1.4 per cent to 2,401.26.