(CNBC) -- U.S. stocks erased earlier losses and jumped higher Wednesday after the Federal Reserve said it sees no interest rate hikes through 2023 and that it will let inflation run hotter than usual to ensure a full economic recovery.
The Dow Jones Industrial Average gained 189.42 points, or 0.6%, to 33,015.37, marking the first time the blue-chip benchmark has closed above the 33,000 threshold. The S&P 500 erased a 0.7% loss and rose 0.3% to a record closing high of 3,974.12. The Nasdaq Composite wiped out earlier losses and ended the day 0.4% higher at 13,525.20. The tech-heavy benchmark fell 1.5% at one point as growth stocks came under pressure amid surging bond yields again.
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