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Dow rebounds more than 300 points from 4-day slide as Fed is not ready to remove stimulus yet

U.S. stocks rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.

The Dow Jones Industrial Average advanced 338.48 points, or 1%, to 34,258.32, snapping a four-day losing streak.

The blue-chip Dow closed well off its high, however, as it jumped 520 points earlier in the day.

The S&P 500 added nearly 1% to 4,395.64 amid a 3.2% jump in the energy sector.

The index also posted its first positive day in five. The Nasdaq Composite gained 1% to 14,896.85.

The Fed did not give a specific timeline on when it may begin moderating its purchases.

 

European markets close higher as traders await Fed update

 

European stocks closed higher on Wednesday as tensions eased over embattled Chinese property developer Evergrande and global investors awaited the outcome of the latest meeting of the U.S. Federal Reserve.

The pan-European Stoxx 600 index provisionally closed up 1%, with banks leading the gains to rise 3.1% as most sectors and major bourses ended the session in positive territory.

Reference: CNBC