NEW YORK: Wall Street stocks Wednesday bolted higher with tech stocks leading the way after US Federal Reserve minutes showed no support for an early rise in interest rates.
At the closing bell, the Dow Jones Industrial Average jumped 180.46 (1.11 percent) to 16,436.60.
The broad-based S&P 500 advanced 20.19 (1.09 percent) to 1,872.15, while the tech-rich Nasdaq Composite Index soared 70.91 points (1.72 percent) to 4,183.90.
Stocks were higher through early afternoon, but rose more after the Fed minutes were released at 1800 GMT. The minutes, as expected, showed the US central bank expect to continue the steady cutback to its stimulus program.
But they also showed there was not a groundswell of Fed powerbrokers who supported a speedy rise to benchmark interest rates.
"There's been this overriding fear in the market that tightening would be sooner on the horizon than people imagine," said Brent Schutte, market strategist at BMO Global Asset Management. "Today's minutes walk back some of those fears."
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