Stocks rose broadly on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting indicate the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose. Small-company stocks rose far more than the rest of the market, a sign of bullishness on the economy. Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits.
The S&P 500 rose 37.25 points, or 0.9%, to 3,978.73.
The Dow Jones Industrial Average rose 191.66 points, or 0.6%, to 32,120.28.
The Nasdaq rose 170.29 points, or 1.5%, to 11,434.74.
The Russell 2000 index of smaller companies rose 34.34 points, or 1.9%, to 1,799.16.
For the week:
The S&P 500 is up 77.37 points, or 2%.
The Dow is up 858.38 points, or 2.7%.
The Nasdaq is up 80.12 points, or 0.7%.
The Russell 2000 is up 25.90 points, or 1.5%.
For the year:
The S&P 500 is down 787.45 points, or 16.5%.
The Dow is down 4,218.02 points, or 11.6%.
The Nasdaq is down 4,210.23 points, or 26.9%.
The Russell 2000 is down 446.15 points, or 19.9%.