The S&P 500 rallied for a second day, hitting the highs of the session on a report that Ukraine and Russia are making strides toward a peace agreement.
The Dow Jones Industrials added to this week's gains, increasing 371.31 points to pause for lunch hour Wednesday at 33.915.65.
The much-broader index continued its upward trajectory, hiking 68.36 points, or 1.6%, to 4,330.81.
The NASDAQ Composite spiked 348.50 points, or 2.7%, to 13,297.13.
The two countries have made “significant progress” on a peace plan and Russian withdrawal, the Financial Times reported.
Micron Technology was among the best-performing S&P 500 stocks, gaining more than 7%. Starbucks shares also climbed 7.5% after an upgrade from JPMorgan, while Dow member Boeing advanced more than 5%.
In economic data, consumers continued to spend in February through at a slower pace than expected, according to a Commerce Department report Wednesday. Advance retail sales grew 0.3% for the month, slightly below the 0.4% Dow Jones estimate.
To be sure, all eyes are on the Fed on Wednesday, as the central bank wraps up a key two-day policy meeting.
The Fed is widely expected to raise rates by a quarter-point, the first hike since 2018. Watchers are also expecting the central bank to offer a new quarterly forecast that could indicate five or six more hikes this year.
The Fed is expected to announce an interest rate decision and economic projections at 2 p.m. on Wednesday, which will followed by a briefing from Federal Reserve Chair Jerome Powell.
Treasury prices dipped slightly, raising yields to 2.17% from Tuesday's 2.16%. Treasury prices and yields move in opposite directions.
Oil prices jumped 51 cents to $96.95 U.S. a barrel.
Gold prices stumbled $14.50 to $1,915.20 U.S. an ounce.