European stocks logged modest gains Wednesday, helped by advances for energy shares as oil prices were in recovery mode. The results of the Dutch election and the Federal Reserve's policy meeting also weighed on investors' minds.

U.S. stocks clambered higher on Wednesday, as the Federal Reserve raised interest rates for the third time since December 2015. The Fed increased its benchmark interest rate by 25 basis points, noting that headline inflation is "moving close" to its 2% target. The dot plot, a table of policy makers' projections for short-term rates, showed more unity among the central bankers about their interest-rate forecast and indicated two more hikes this year.

Investors in Asia sent equities higher following indications of a measured response from the Federal Reserve in countering inflation.