Stocks rally | Fed sees 3 rate hikes in 2022 | Covid cases surge in UK

The much-anticipated December meeting from the Federal Reserve led to a rally in stocks Wednesday.

VIEW IN BROWSER | SUBSCRIBE WED, DEC 15, 2021 EVENING BRIEF AS OF WED, DEC 15, 2021 • 04:36 ET DJIA 35927.43 +1.08% +383.25 S&P 500 4709.85 +1.63% +75.76 NASDAQ 15565.58 +2.15% +327.94   Most Active DOW NAME LAST CHG %CHG AAPL 179.30 +4.97 +2.85% MSFT 334.65 +6.31 +1.92% INTC 50.67 +0.97 +1.95% S&P 500 NAME LAST CHG %CHG AAPL 179.30 +4.97 +2.85% F 20.19 +0.14 +0.70% PFE 58.80 +3.26 +5.87% NASDAQ NAME LAST CHG %CHG AAPL 179.30 +4.97 +2.85% AMD 146.50 +10.90 +8.04% NVDA 304.59 +21.22 +7.49%   EDITOR'S NOTE The much-anticipated December meeting from the Federal Reserve led to a rally in stocks Wednesday, even as the central bank took a more aggressive position on winding down its pandemic-era stimulus programs.    The Fed announced that it would accelerate the taper of its asset purchases, putting those on track to end early next year. It also said its members expected three rate hikes in 2022.    The three major market averages were down before the Fed's statement was released at 2 p.m. ET. All three reversed higher and then extended their gains as Fed Chair Jerome Powell conducted his news conference.  The move for equities appeared to be something of a relief rally after a soft start to the week. Tech stocks — which have struggled recently — were a big part of the story, with the Nasdaq Composite gaining 2.15% after underperforming on Monday and Tuesday. Shares of Apple jumped nearly 3%.    However, Wednesday's rally was not a rush back into a growth market. Defensive plays such as UnitedHealth and Dominion Energy also outperformed.    "Given the market reaction – stocks higher and bond yields marginally higher – it appears that the Fed had successfully communicated this news ahead of time and although the stock market moved higher during the press-conference, the sectors leading the market higher (e.g. Utilities and Healthcare) are both very defensive sectors and indicate some concern about the future path of the economy," Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a note.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow jumps 380 points, Nasdaq surges 2% in relief rally after Fed gives rate hiking timeline Fed will aggressively dial back its bond buying, sees three rate hikes next year The majority of Fed members forecast three interest rate hikes in 2022 to fight inflation Fauci says Covid boosters work against omicron, no need for variant-specific third shot UK reports highest number of daily Covid cases since the pandemic began Democrats are unlikely to pass Biden's social spending plan this year — here's what it means The NFL and NBA lead new Covid outbreaks in sports, spurring fines, restrictions, and delays Homebuilder confidence ends the year on a high even as costs rise and labor is in short supply Monthly child tax credit payments are ending – these grandmas in Congress want to extend them Ex-McKinsey partner pleads guilty to insider trading in Goldman Sachs fintech deal   TOP VIDEO There are a range of reasons why people haven't returned to work: Powell   CNBC PRO Bernstein says self-driving trucks are coming, highlights 3 stocks for the autonomous vehicle future   SPECIAL REPORTS The Fed's latest move will send borrowing costs higher I actually think we're well positioned to deal with a range of plausible outcomes: Powell   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS