the republic logo

US stocks snap higher as Fed promises a 'patient' approach on rates; oil price steadies

bug
Share/Save/Bookmark

NEW YORK — The U.S. stock market is closing with its biggest gain in more than a year after the Federal Reserve said it was in no rush to raise rates.

The Federal Reserve indicated Wednesday it was moving closer to raising rates from record lows because the U.S. economy and job market are strengthening. The Fed said it would be "patient" in its approach to raising rates.

The Standard & Poor's 500 gained 40 points, or 2 percent, to 2,012, the largest increase since October 2013.

PHOTO: The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)
The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)

The Dow Jones industrial average rose 288 points, or 1.7 percent, to 17,356.

The Nasdaq climbed 96 points, or 2.1 percent, to 4,644.

Energy shares rose the most Wednesday as oil gained.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.14 percent.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.