Dow logs best three-day stretch since April as Fed leaves interest rates on hold

U.S. stocks rose on Wednesday, with the S&P 500 capping off its biggest three-day percentage-point gain since March after Federal Reserve Chairman Jerome Powell again suggested that rising Treasury yields were likely aiding the central bank’s fight against inflation. This could potentially ease the pressure on the Fed to push interest rates even higher, which helped boost stocks. The S&P 500
SPX,
+1.05%
finished higher for the third straight day, rising 44.04 points, or 1.1%, on Wednesday to 4,237.84, according to preliminary closing data from FactSet. The index has gained nearly 3% over the last three trading days, its biggest such gain since March 31, Dow Jones Market Data show. The Nasdaq Composite
COMP,
+1.64%
gained 210.23 points, or 1.6%, to 13,061, rising for a fourth day. The Dow Jones Industrial Average
DJIA,
+0.67%
gained 221.71 points, or 0.7%, to finished Wednesday at 33,274.58. The blue-chip gauge has just seen its biggest three-day point gain since April 3, according to Dow Jones data.