Stocks advanced Wednesday after the Federal Reserve indicated that it will consider raising its benchmark interest rate at its December meeting. The prospect of higher interest rates set off a rally in banking stocks, and energy stocks rose with the price of oil.
For the day:
The Dow Jones industrial average climbed 198.09 points, or 1.1 per cent, to 17,799.52.
The Standard & Poor’s 500 index rose 24.46 points, or 1.2 per cent, to 2,090.35.
The Nasdaq Composite index added 65.55 points, or 1.3 per cent, to 5,095.69.
For the week:
The Dow Jones industrial average is up 132.82 points, or 0.8 per cent.
The S&P 500 has picked up 15.20 points, or 0.7 per cent.
The Nasdaq has gained 63.83 points, or 1.3 per cent.
For the year:
The Dow is down 43.55 points, or 0.2 per cent.
The S&P is up 31.45 points, or 1.5 per cent.
The Nasdaq is up 359.63 points, or 7.6 per cent.