U.S. stocks closed sharply higher Wednesday, jumping as Federal Reserve Chair Jerome Powell delivered remarks following the conclusion of the Fed's two-day policy meeting. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.20% ended around 932 points higher, or 2.8%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.30% climbed about 3% and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.72% jumped about 3.2%, each booking a third straight day of gains, according to preliminary FactSet data. The Fed raised its benchmark interest rate by a half point, as expected, to a range of 0.75% to 1%. During a press conference Wednesday afternoon, Powell said that further rate increases of 50 basis points would be on the table at the next couple meetings, but the Fed was not actively considering a 75-basis-point hike. The Dow saw its biggest daily gain since November 2020, according to Dow Jones Market Data.
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