U.S. stocks rose after Federal Reserve officials approved plans to more quickly wind down pandemic stimulus efforts, giving investors more insight into the central bank’s response to high inflation.
All three major indexes turned higher after the afternoon release of a much-awaited Fed statement, published at the end of a two-day policy meeting, and continued to climb as Chairman Jerome Powell spoke at a news conference. Fed officials voted to hold rates near zero Wednesday but most signaled they were ready to lift their short-term benchmark rate at least three times next year.
