Stocks Ended Sharply Higher after Fed Minutes

U.S. stocks ended sharply higher on Wednesday after minutes from the most recent Federal Reserve policy meeting showed a core of officials backed a possible rate hike in December. The Dow Jones Industrial Average climbed 247.66 points, or 1.42%, to 17,737.16. The S&P 500 gained 33.14 points, or 1.62%, to 2,083.58. The Nasdaq Composite added 89.19 points, or 1.79%, to 5,075.20.

Federal Reserve officials believed last month that the economic conditions needed to trigger the first
interest rate hike in nearly a decade could “well be met” by their next meeting in December. The Fed at its Oct. 27-28 meeting left its key rate unchanged but said further progress could justify a December hike.

Salesforce.com Inc. (CRM) reported better-than-expected adjusted earnings and raised its revenue guidance for 2016. Salesforce said it lost $25 million, or 4 cents a share, in the third quarter, compared with a loss of $39 million, or 6 cents a share, in the year-ago period. Sales reached $1.7 billion in the quarter, an increase of 24% year over year, the company said.

Finnish wireless-equipment specialist Nokia Corp. on Wednesday commenced its share-exchange offer for Alcatel-Lucent SA shareholders in Paris and New York, betting its EUR15.6 billion ($16.6 billion) acquisition will allow the new company to better compete in a global race for scale in the business of making telecommunications and Internet gear.