U.S. stocks closed higher Wednesday as investors celebrated a rally in the energy sector and the Federal Reserve's (Fed) pledge to be patient in raising interest rates. In U.S. economic news, the Fed retained the phrase "considerable time" in its policy statement, and also introduced another word, "patient," as the central bank readies to raise interest rates next year. Fed Chair Janet Yellen told reporters that the new language was not a change in policy, and that a rate increase was unlikely for the next several meetings. The cost of living declined in November as energy prices fell, with the Labor Department's consumer price index falling 0.3 percent, the largest drop since 2008. The dollar gained against the currencies of major U.S. trading partners. Gold futures added 20 cents to $1,194.50 an ounce. The Dow Jones industrial average climbed 288.00, or 1.69 percent, to 17,356.87. The broader Standard & Poor's 500 index increased 40.15, or 2.04 percent, to 2,012.89. The technology-heavy Nasdaq composite moved up 96.48, or 2.12 percent, to 4,644.31.
