Stocks rallied after the Federal Reserve hiked rates by 75 basis points — its largest increase since 1994 — and signaled it could raise rates by a similar magnitude in July, giving investors confidence the central bank was committed to tamping down inflation.
The Dow Jones Industrials rushed 303.7 points, or 1%, higher to wind up Wednesday at 30,668.53.
The S&P 500 popped 54.51 points, or 1.5%, to 3,789.99.
The NASDAQ Composite jumped 270.81 points, or 2.5%, to 11,099.16.
Boeing and other shares closely linked to economy growth jumped higher on the hope that rates could rise without tipping the economy into a recession. Boeing surged 10%. Regional banks and financials also gained.
Tech shares, which have been beaten-up as the S&P 500 slipped into bear market territory this month, led the market's bounce with Amazon and Tesla each jumping more than 5% on Wednesday.
Battered travel names staged a comeback as cruise stocks Carnival advanced 2.5% and Norwegian Cruise Line rose about 4.2%, Shares of airline stocks including Delta and United also rose about 2% each
Treasury prices skyrocketed, lowering yields to 3.28% from Tuesday's 3.47%. Treasury prices and yields move in opposite directions.
Oil prices fell back $3.23 to $115.70 U.S. a barrel.
Gold prices acquired $22.20 to $1,835.70 U.S. an ounce.