U.S. Markets Close Higher After Volatile Session

Recovery after a  panic attack Wednesday on Wall Street! A minor freak out temporarily clipped stocks in half just after 2 p.m. ET after the Federal Reserve's announcement that there will be no rate hike. The Fed  left rates untouched but kept the door open to a rate tightening at its next meeting in December.

The markets made quite the comeback in the final hour of trade with the major averages hitting session highs. The Dow eventually closed up 198 points, with the Nasdaq saw gains of 64 points and the S&P 500 saw 24 points.

Action camera maker GoPro (NASDAQ:GPRO) reported third quarter earnings after the bell. The company missed analysts' estimates. GoPro worked to put a positive spin on the report, saying China is the company's fastest growing market in its history. It didn't appear to work, however, as shares were down more than 10% since reporting.

Review and ratings site Yelp (NYSE:YELP) came in with strong third quarter earnings. The company expects full year 2015 revenue to be up about 45% from a year ago. Shares were up more than 7% after hours.

In its first earnings report since splitting from eBay (NASDAQ:EBAY), PayPal (NASDAQ:PYPL) put up a good show, beating on the top and bottom. In the third quarter, the company processed 1.2 billion payment transactions and continued to accelerate its lead in mobile payments. Shares were down slightly after seeing an initial bump.

And, despite five weeks of supply gains, oil rallied Wednesday to its best gain in three months. Crude climbed 6.3% to settle above $45 per barrel.