NEW YORK (TheStreet) -- Stocks quickly snapped out of an early-morning stupor, rocketing higher amid hopes the Federal Reserve will leave its rate hike timeline unchanged.
The S&P 500 added 0.58%, the Dow Jones Industrial Average climbed 0.44%, and the Nasdaq gained 0.34%. Benchmark indexes have fallen for three straight sessions as crude oil prices tumbled.
The Fed will conclude its two-day meeting Wednesday afternoon with a statement at 2 p.m. EST and a press conference by Fed Chair Janet Yellen shortly after. Investors will be listening closely to whether the central bank removes its longstanding pledge to keep interest rates at near zero for a "considerable time."
"What Fed Chair Janet Yellen says, and how she says it, will be the focus today," wrote economist Stephen Guilfoyle in a post. "[Yellen] will stay vague, and stress the Fed's data dependency. One way, or another, she will move the marketplace this afternoon."
Consumer prices saw their biggest drop since 2008, a result of lower fuel prices. The Consumer Price Index for November fell 0.3%, a wider drop than the estimated 0.1% decrease. Core CPI, excluding volatile items such as food and energy, increased 0.1% as expected.
Crude oil prices continued falling with West Texas Intermediate down 1.1% to $55.31. Like OPEC, Russian officials said 2015 output would be similar to this year's at 10.6 million barrels a day. Oil prices have nearly halved from a mid-summer peak as global oversupply faces flagging demand.