Stocks Soar on Fed, Energy

U.S. stocks rallied on Wednesday, as energy shares rebounded and the Federal Reserve said it will be patient on the timing of interest-rate increases. At close, the Dow Jones industrial average rose 288.00 points, or 1.69%, to 17,356.87. The Standard & Poor’s 500 rose 40.15 points, or 2.04%, to 2,012.89. That was the biggest gain for the index since October 2013. The Nasdaq composite climbed 96.48 points, or 2.12%, to 4,644.31.

The Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep them near zero for a “considerable time” in a show of confidence in the U.S. economy.

Oracle Corp. said its earnings fell 2% on higher costs that offset stronger revenue during the quarter ended November. For the period ended Nov. 30, Oracle reported a profit of $2.5 billion, down from $2.55 billion a year earlier. On a per-share basis, earnings were flat at 56 cents as the number of shares outstanding declined. Revenue increased 3.5% to $9.6 billion.