Wall Street stocks surged Wednesday after the Federal Reserve trimmed its US economic forecast and signaled a cautious approach to raising interest rates.
At the closing bell, the Dow Jones Industrial Average was at 18,072.50, up 223.42 points (1.25 percent).
The broad-based S&P 500 gained 24.94 (1.20 percent) at 2,099.22, while the tech-rich Nasdaq Composite Index jumped 45.17 (0.91 percent) to 4,982.61.
The Fed dropped a pledge to remain "patient" on raising interest rates, signaling a midyear federal funds rate hike remained possible after keeping the key rate at the zero level for more than six years.
But other language in the Fed's statement emphasized that the central bank was in no rush to hike rates. The US central bank also broadly lowered its outlook on the US economy this year.
"The market was kind of anticipating the worst of all worlds and when that didn't happen, you got this spring-back rally," said Mace Blicksilver, director at Marblehead Asset Management.