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STORY: Wall Street's main indexes were higher midday Thursday, a day after the Federal Reserve left interest rates unchanged and allayed worries around potential rate hikes.

The announcements came at the end of its two-day Federal Open Market Committee meeting. It was widely expected to leave policy rate at 5.25%-5.50% but signaled it is still leaning towards eventual reductions in borrowing costs. It put a red flag on recent disappointing inflation readings and suggested a possible stall in the movement towards more balance in the economy.

Traders see November as the most likely timing for the first Fed rate cut.

"It's not out of the question that the Fed would show their independence by cutting rates if they felt that they were due." Stovall says.