The Dow Jones Industrial Average continued its winning streak Wednesday, posting its 13th straight session on gains as market participants weighed the Federal Reserve's latest policy decision and the latest batch of corporate earnings. The Dow climbed over 80 points, while the S&P 500 Index and Nasdaq Composite lost 0.02% and 0.1%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -0.02% or -0.71 points to 4,566.75

Dow Jones Industrial Average (DIA  ): +0.23% or +82.05 points to 35,520.12

Nasdaq Composite Index (QQQ  ): -0.12% or -17.27 points to 14,127.28

In the spotlight, the Fed raised interest rates to their highest level in more than two decades on Wednesday, bringing its benchmark rate to a range of 5.25% to 5.50%. Policymakers said they will "continue to assess additional information and its implications for monetary policy," moving forward.

"I would say it's certainly possible that we will raise funds again at the September meeting if the data warranted. And I would also say it's possible that we would choose to hold steady and we're going to be making careful assessments, as I said, meeting by meeting," Fed Chair Jerome Powell said at a press conference following the decision.

Moreover, Powell suggested that rate cuts are unlikely this year, echoing the Fed's stance on data-dependent policy moves as its current effort to stabilize prices. Powell believes the downside to not curbing inflation outweigh the short-term impacts of higher interest rates.

"The worst outcome for everyone, of course, would be not to deal with inflation now [and] not get it done. Whatever the short term social costs of getting inflation under control, the longer term social costs of failing to do so are greater and the historical record is very, very clear on that," Powell said.

The Federal Open Market Committees next policy decision is scheduled for September 20.

On the earnings front, Alphabet (GOOGL  ) shares rose as gains in the tech company's cloud revenue helped rake in a better-than-expected second quarter. Microsoft (MSFT  ) shares, however, slid after the company posted slowing cloud revenue growth in its earnings report.

Dow-member Boeing (BA  ) shares rose nearly 9% after the aerospace company reported a second-quarter beat driven by gains in commercial aircraft deliveries. The company delivered 136 airplanes during the quarter, up from 121 during the same period last year.

Coca-Cola (KO  ) shares rose after the snack and beverage giant topped second-quarter earnings and revenue estimates and raised its full-year outlook. Coke expects comparable adjusted earnings per share growth of 5% to 6% for 2023, up from its prior forecast of a 4% to 5% increase. For organic revenue growth, the company expects a rise of 8% to 9%, up from a previous range of 7% to 8%.

"On the positive side, many supply chain pressures eased, concern surrounding the bank sector diminished and energy prices continue to pull back from record highs," CEO James Quincey said regarding some of the drivers behind the company's positive performance.

Elsewhere, PacWest (PACW  ) shares soared nearly 27% on news the regional lender will be acquired by Banc of California (BANC  ) to create a new firm called Pacific Western. The new bank will have $36 billion in assets, $25.3 billion in total loans and more than 70 branches in California.

Looking ahead, market participants will react to earnings reports from companies including Meta Platforms (META  ), McDonald's (MCD  ) and Honeywell (HON  ) on Thursday.