Stocks up as Fed minutes show thinking on rates

Stocks ended broadly higher on Wall Street on Wednesday after minutes from the Federal Reserve’s most recent meeting signaled the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation..

The S&P 500 rose 37.25 points to 3,978.73. The Dow gained 191.66 points to 32,120.28. The Nasdaq rose

170.29 points to 11,434.74.

Small-company stocks rose far more than the rest of the market, a sign of bullishness on the economy. The Russell 2000 gained 34.34 points, or 2%, to 1,799.16.

The yield on the 10-year Treasury, which helps set mortgage rates, slipped to 2.75% from 2.76% late Tuesday.

Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits. Nordstrom reported higher sales and raised its profit forecast. It’s stock jumped 14%. Technology stocks also helped lift the market. Microsoft rose 1.1%.

Several companies made strong gains after reporting solid financial results and giving investors strong forecasts, despite grappling with persistently rising inflation.

TurboTax software maker Intuit rose 8.2% after raising its profit and revenue forecasts for the year. Caleres, the owner of Famous Footwear, surged 29.9% after also raising its profit forecasts for the year.

Homebuilder Toll Brothers rose 8% after reporting strong profits just a day after that sector stumbled amid a disappointing government report on newly built home sales.

Wendy’s jumped 9.8% after Trian Fund Management, which already owns 19% of the company, said it was considering buying the rest of the company.