Stock Market Today: Wall Street Rallies on Hopes That the Fed’s Rate Hikes Are Done

Specialist Dilip Patel, foreground, works with a colleague on the floor of the New York Stock Exchange on Nov. 1, 2023. Richard Drew/AP Photo

NEW YORK—U.S. stocks rallied Wednesday 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 in its first trading coming off a third straight monthly loss. The Dow Jones Industrial Average gained 221 points, or 0.7 percent, and the Nasdaq composite jumped 1.6 percent.