Stocks closed sharply higher on Thursday, a day after minutes of the Federal Reserve's meeting in early May signaled a willingness by the central bank to consider pausing rate hikes later this year if the economy shows signs of wobbling. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.23% added about 518 points, or 1.6%, ending near 32,638. Booking its 5th straight day of gains, the Dow scored its longest streak of wins since March 18, according to Dow Jones Market Data. The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% advanced 2%, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.35% closed up 2.7%. The Fed still looks poised to lift its policy rate in half-point increments in June and July, but a view has emerged that it could hit reassess its approach in the fall, particularly if economic growth shows signs of sputtering or the labor market starts to falter.