NEW YORK (AP) — Stocks ended broadly higher on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting signaled 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 rose 0.9%, while the Dow Jones Industrial Average rose 0.6%. The Nasdaq climbed 1.5%. The indexes, which recovered after being in the red in the early going, are on pace for a weekly gain, despite more up-and-down trading this week.
The minutes from the Fed meeting earlier this month show most of the officials agreed that half-point increases to the Fed's benchmark short-term rate “would likely be appropriate” at the central bank's next two meetings, in June and July. Such an increase would be double the usual hike.
