(CNBC) -- Stocks closed higher Wednesday — paring earlier losses — after the Federal Reserve said it would be comfortable letting inflation temporarily run above its inflation target.
The Dow Jones industrial average closed up roughly 50 points, led higher by gains in Boeing and McDonald's. The S&P 500 finished up roughly 0.3 percent after solid performance from utilities and real estate. And the Nasdaq composite added 0.8 percent as Apple, Amazon, Facebook and Netflix led technology stock higher.
Fed officials said that they'd be comfortable allowing inflation to briefly run above its target as the economy continues to rebound, according to the central bank's May meeting minutes.
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