U.S. stocks rallied after the Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy.
The S&P 500 rose 1.1 percent Wednesday. The Dow gained 221 points, and the Nasdaq composite jumped 1.6 percent. Treasury yields also eased in the bond market after the Fed announced its decision to hold interest rates steady, as expected.
The Fed hinted that a swift rise since the summer in Treasury yields, and the resulting tumble in stock prices, may be slowing inflation on their own and acting like rate-hike substitutes.
On Wednesday:
The S&P 500 rose 44.06 points, or 1.1 percent, to 4,237.86.
The Dow Jones Industrial Average rose 221.71 points, or 0.7 percent, to 33,274.58.
The Nasdaq composite rose 210.23 points, or 1.6 percent, to 13,061.47.
The Russell 2000 index of smaller companies rose 7.42 points, or 0.4 percent to 1,669.70.
For the week:
The S&P is up 120.49 points, or 2.9 percent.
The Dow is up 856.99 points, or 2.6 percent.
The Nasdaq is up 418.46 points, or 3.3 percent.
The Russell 2000 is up 32.77 points, or 2 percent.
For the year:
The S&P 500 is up 398.36 points, or 10.4 percent.
The Dow is up 127.33 points, or 0.4 percent.
The Nasdaq is up 2,594.99 points, or 24.8 percent.
The Russell 2000 is down 91.54 points, or 5.2 percent.
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