Stocks rose steadily on Wall Street Wednesday after the Federal Reserve said it would accelerate its pullback of economic stimulus and would likely raise interest rates three times next year to tackle rising inflation.
The S&P 500 shook off an early loss to close higher. The Dow Jones Industrial Average and the Nasdaq also rose.
The S&P 500 rose 75.76 points, or 1.6%, to 4,709.85.
The Dow Jones Industrial Average rose 383.25 points, or 1.1%, to 35,927.43.
The Nasdaq rose 327.94 points, or 2.2%, to 15,565.58.
The Russell 2000 index of smaller companies rose 35.56 points, or 1.6%, to 2,195.21.
For the week:
The S&P 500 is down 2.17 points, or less than 0.1%.