(CNBC) -- Stocks rose on Wednesday after the minutes of the Federal Reserve’s May policy meeting showed the central bank is prepared to raise rates further than the market had anticipated.
The Dow Jones Industrial Average jumped 191.66 points, or 0.6%, to 32,120.28. The S&P 500 climbed 0.9% to 3,978.73, and the Nasdaq Composite advanced 1.5% to 11,434.74. All of the major averages are currently on pace for a winning week.
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The minutes from the Fed’s May 3-4 meeting showed officials saw the need to raise rates quickly, and possibly more than the market has priced in, to quell the recent inflationary pressures.