Wall Street rallies as Fed keeps rates pinned at record low

NEW YORK — Wall Street rallied on Wednesday, and the S&P 500 climbed 1.2% for its best day in two weeks after the Federal Reserve kept the accelerator floored on its support for the economy. U.S. stocks began rising as soon as trading opened, and momentum picked up after the Fed said in the afternoon that it will keep interest rates at their record low as the economy struggles through the recession created by the coronavirus pandemic. The S&P 500 gained 40.00 points to 3,258.44 for its second gain in the last three days. The Dow Jones Industrial Average rose 160.29, or 0.6%, to 26,539.57, and the Nasdaq composite added 140.85, or 1.4%, to 10,542.94. Besides keeping short-term rates...