Stocks ended the day higher Wednesday after another volatile session that included a brief decline following the Federal Reserve's announcement that it will raise interest rates for the first time in three years.
All of the major averages posted gains for the day. The Dow Jones Industrial Average jumped 518.76 points, or 1.5%. It initially turned red following the release of the Fed's statement and swung sharply during the session. Meanwhile, the S&P 500 gained 2.2%, and the Nasdaq Composite jumped 3.7%.
The Fed said it will increase short-term interest rates by a quarter of a percentage point, as expected, and that it sees another six rate increases this year.
Bank shares gained on optimism their bottom lines would get a boost from higher rates. JPMorgan shares added 4.4%, while Bank of America added 3.1%.
Stocks began the day in the green following a report that Ukraine and Russia are making progress in their talks, though investors have acknowledged the situation is still filled with uncertainty and that only a ceasefire itself could provide the certainty they seek.
China also said it would support overseas listings of Chinese stocks, following days of concerns it would not. Chinese stocks surged on Wednesday, with several up more than 20%. Pinduoduo and DiDi Global, up 56% and 41%, respectively, were standouts.
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