Stocks Jumped after Fed Minutes

U.S. stocks soared on Wednesday, after minutes of September Federal Open Market Committee meeting reaffirmed the central bank’s intent to be prudent in raising interest rates. The Dow Jones industrial average rose 274.83 points, or 1.64%, to 16,994.22, the S&P 500 gained 33.79 points, or 1.75%, to 1,968.89. The Nasdaq Composite added 83.39 points, or 1.90%, to 4,468.59.

Federal Reserve officials are looking for a new way to convince markets that they are not yet ready to start raising interest rates, according to an account of the most recent meeting of the Fed’s policy-making committee, released Wednesday.

Aluminum producer Alcoa Inc reported a rise in third-quarter profit on Wednesday due to higher aluminum prices and premiums although it recorded restructuring charges on a smelter closure.Net income was $149 million, or 12 cents a share, compared with $24 million, or 2 cents, a year earlier. Sales rose to $6.2 billion from $5.8 billion.

Former top regulator Timothy Geithner defended terms of the U.S. government’s bailout of American International Group Inc., saying Wednesday that the insurance giant’s exceptionally risky behavior had caused losses that called for strict treatment.