Wall Street Rallies in Relief After Fed’s Assurance on Rates

Traders work on the floor at the New York Stock Exchange in New York on June 15, 2022. Seth Wenig/AP Photo

NEW YORK—Wall Street rallied Wednesday following the Federal Reserve’s sharpest hike to interest rates since 1994, and its later assurance that such mega-hikes would not be common.

The S&P 500 climbed 54.51, or 1.5 percent, to 3,789.99 after whipping through roller-coaster trading immediately following the Fed’s latest move to fight inflation.