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Asian stock markets have gained after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index closed 1% higher after the Fed raised its key lending rate by 0.25 percentage points, a smaller margin than previous increases. Chair Jerome Powell said the “disinflationary process has started” but “ongoing increases” in rates will be needed. That appeared to encourage investors who worry the Fed and European central banks might be willing to push the global economy into recession to cool inflation that is near multi-decade highs.

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Rescue personnel in California say they have found a 75-year-old hiker who was lost on the same snow-covered mountain where actor Julian Sands is missing. NBC LA captured images of Jin Chung, of North Hollywood, being loaded into an ambulance Tuesday afternoon. The San Bernardino County Sheriff's Department says he had a leg injury and some weather-related injuries but was able to walk. He was taken to a hospital but his condition was not immediately known. The search for Chung began after he failed to return from a hike Sunday on Mt. Baldy. Sands was reported missing Jan. 13 while hiking on the same mountain. Storms have coated the peak with heavy snow and ice and searches have been thwarted by the threat of avalanches and foul weather, including powerful winds.

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Authorities say actor Julian Sands, who starred in the Oscar nominated film “A Room With a View," has been missing for five days in the Southern California mountains. The San Bernardino County Sheriff's Department said Wednesday that crews are using helicopters and drones to search for Sands. He was reported missing Friday on a trail on Mt. Baldy. The ground search has been suspended since Saturday because of dangerous conditions, and will be resumed when it's safe. Sands starred opposite Helena Bonham Carter in the 1989 British romance “A Room With a View,” and had major roles in the films “Arachnophobia," “Naked Lunch” and “Leaving Las Vegas.”

Packing a bag and going on a solo trip only sounds intimidating. The truth is you’re surrounded with like-minded folks. Yair Ben-Dor has more.

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