NEW YORK (TheStreet) -- The Wall Street crowd went wild for equities after the dovish tone in the minutes of the Federal Reserve's latest meeting allayed fears an interest rate hike could come sooner than expected.
The Dow Jones Industrial Average rose 1.64%, while the S&P 500 advanced 1.75% and the Nasdaq moved 1.9% higher. Prior to the 2 p.m. EST release of the minutes, markets had hovered around the flatline.
Watch the video below for a closer look at how U.S. markets ended the trading day Wednesday:
Members of the Fed were said to have shown concern "that the reference to 'considerable time' in the current forward guidance could be misunderstood as a commitment rather than as data dependent," said the minutes of the Sept. 16-17 Federal Open Market Committee meeting.
Wall Street was worried the Fed could enact an interest rate hike sooner than expected after a series of data points indicated the U.S. economic recovery charging ahead. A prolonged period of interest rates at zero has been dependent on the Fed's ability to keep the inflation rate under its target 2%.
The Fed noted macro headwinds and a stronger dollar could stunt U.S. economic growth which has been showing increasing strength of late. The International Monetary Fund trimmed its global growth forecasts on Tuesday and said Europe has a one-in-three chance of falling back into recession on deflation concerns.