NEW YORK >> Stocks held steady Wednesday after the Federal Reserve raised interest rates to their highest level in more than two decades, just as Wall Street expected.

The S&P 500 slipped 0.71, or less than 0.1%, to 4,566.75, remaining near a 15-month high. The Dow Jones Industrial Average rose 82.05 points, or 0.2%, to 35,520.12, and the Nasdaq composite slipped 17.27, or 0.1%, to 14,127.29.

The bond market moved more sharply, and Treasury yields fell after Fed Chair Jerome Powell said no decision has been made about whether to raise rates at its next meeting or beyond. That may have bolstered hopes among traders that Wednesday’s hike could be the last for a long time.

Microsoft weighed on the market after falling 3.8%. That was despite reporting better profit and revenue for the spring than expected. Analysts said the company made comments that were perhaps intended to rein in huge expectations for upcoming growth related to artificial intelligence. Investors also may have been hoping to hear more about when slowing growth at its Azure cloud computing business will trough.

Helping to limit the market’s losses was Alphabet, which rose 5.6%. The parent company of Google and YouTube reported better profit and revenue for the spring than analysts expected.

What Big Tech titans do matters more for Wall Street than other stocks because they have become so influential due to their massive size. Seven stocks alone accounted for most of the S&P 500’s returns through the first half of this year, largely on expectations that their explosive growth will continue. They’ll need to deliver big profits to justify those gains.

Another member of the “Magnificent Seven” that’s overshadowed the rest of the market also reported its results after trading closed for the day, Meta Platforms. The stock has soared 148% so far this year, while Alphabet and Microsoft are both up more than 40%.

Boeing, meanwhile, helped prop up the Dow Jones Industrial Average, which has less of an emphasis on Big Tech than the S&P 500. The aircraft maker reported a smaller loss for the spring than analysts expected, and revenue topped expectations. Boeing’s stock rose 8.7%.

In the bond market, the highlight was the Fed’s move to raise its federal funds rate to a range of 5.25% to 5.50% in hopes of wrestling down high inflation. That’s its highest level since 2001 and up from virtually zero early last year.

The hope among traders is that will be the last increase of this cycle because inflation has been on a downward trend since last summer. Such hopes have been another big reason for Wall Street’s big rally this year. That’s because rate increases work to lower inflation by grinding down on the entire economy, raising the risk of a recession and hurting prices for investments.

The economy has so far defied predictions for a recession, largely because of a remarkably solid job market that has allowed U.S. households to keep spending. That has hopes rising that the Federal Reserve can pull off a “soft landing” for the economy where high inflation falls back to its target without a painful recession.