Wall Street held gains on Wednesday, after the Federal Reserve took the historic step of setting an inflation target of 2 percent.

The Dow Jones industrial average <.DJI> was up 46.01 points, or 0.36 percent, at 12,721.76. The Standard & Poor's 500 Index <.SPX> was up 7.53 points, or 0.57 percent, at 1,322.18. The Nasdaq Composite Index <.IXIC> was up 28.97 points, or 1.04 percent, at 2,815.61.

(Reporting By Angela Moon; editing by Jeffrey Benkoe)