Wall Street rallies on hopes the Federal Reserve’s rate hikes are done

U.S. stocks rallied Wednesday after the Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy. The Standard & Poor's 500 index rose 1.1% in its first trading day coming off a third straight monthly loss. The Dow Jones industrial average gained 0.7%, and the Nasdaq composite jumped 1.6%. Stocks built on gains as Treasury yields eased in the bond market after the Fed announced its decision to hold interest rates steady, as expected.

High yields knock down prices for stocks and other investments while making borrowing more expensive for nearly everyone. That slows the economy and puts pressure on the entire financial system. The yield on the 10-year Treasury sank to 4.76% on Wednesday from 4.92% late Tuesday. Much of the drop came after the Fed gave a nod to the notion that higher bond yields and shakiness in financial markets may be slowing the economy on their own.

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