|Traders work at the New York Stock Exchange in New York, April 9, 2014. U.S. stocks continued to rebound Wednesday, with major stock indices jumping over 1 percent, as market concerns over interest rate hike were eased somewhat by the minutes of the Federal Reserve's latest policy meeting. The Dow Jones Industrial Average surged 181.04 points, or 1.11 percent, to 16,437.18. The S&P 500 soared 20.22 points, or 1.09 percent, to 1,872.18. The Nasdaq Composite Index climbed 70.91 points, or 1.72 percent, to 4,183.90. (Xinhua/Wang Lei)
NEW YORK, April 9 (Xinhua) -- U.S. stocks continued to rebound Wednesday, with major stock indices jumping over 1 percent, as market concerns over interest rate hike were eased somewhat by minutes of the Federal Reserve's latest policy meeting.
The Dow Jones Industrial Average surged 181.04 points, or 1.11 percent, to 16,437.18. The S&P 500 soared 20.22 points, or 1.09 percent, to 1,872.18. The Nasdaq Composite Index climbed 70.91 points, or 1.72 percent, to 4,183.90.
The market initially moved higher, boosted by encouraging earnings results of aluminum giant Alcoa released late Tuesday, which unofficially kicked off a new earnings season.
The largest U.S. aluminum producer's shares rose 3.75 percent to 13.00 dollars a share, a day after it posted adjusted first- quarter earnings of 9 cents per share on revenue of 5.45 billion U. S. dollars, with its profits beating market expectations.
Moreover, the economic bellwether issued positive guidance, projecting a supply deficit for the metal in 2014, rather than its previous estimate of a supply surplus, which lifted investors' confidence in the world's largest economy.
The stock market picked up steam in the afternoon session, rising on a dime shortly following the release of the Fed's minutes, which revealed that top Fed officials all agreed to drop an unemployment target as a threshold for considering lifting federal funds rate.
Investors had been jittery over remarks of Fed Chair Janet Yellen. She has signaled a possible earlier-than-expected first rate hike which may happen around next mid-year following the Fed' s March policy meeting.
Adding to the upward momentum, tech shares continued to rebound from a bout of heavy selloff, helping major stock indices snap a three-day losing streak.
Health, technology and materials led the gains among the broader S&P 500's 10 sectors.
On the economic front, U.S. wholesale inventories advanced 0.5 percent in February following an upwardly revised 0.8-percent gain in January, while wholesale sales rebounded 0.7 percent after a 1. 8-percent decline in the previous month, the Commerce Department said.
Moreover, U.S. mortgage applications in the week ending April 4 dropped 1.6 percent from a week earlier, said the Mortgage Bankers Association.
The CBOE Volatility Index, a gauge of market fear, dropped 7.19 percent to end at 13.82.
In other markets, the dollar continued slipping against major currencies after Fed's minutes implied it may not raise the interest rate soon.
In late New York trading, the euro rose to 1.3854 dollars from 1.3794 dollars in the previous session. The dollar bought 101.76 Japanese yen, higher than 101.65 yen of the previous session.
Oil prices climbed as traders were concerned about the potential disruption of crude supplies passing through Ukraine and more sanctions against Russia.
Light, sweet crude for May delivery moved up 1.04 dollars to settle at 103.6 dollars a barrel on the New York Mercantile Exchange.
Gold futures on the COMEX division of the New York Mercantile Exchange dropped as U.S. equity markets surged and drew investors away from gold. The most active contract for June delivery dropped 3.2 dollars to 1305.9 dollars per ounce.