U.S. stocks closed higher Wednesday as investors cheered the Federal Reserve's (Fed) statement that indicated a rate hike would come later rather than sooner. In U.S. economic news, the Fed dropped the word "patient" from its March meeting statement, a subtle indication that the era of zero interest rates is about to end. The central bank also lowered its December rate outlook by about 50 basis points. Fed Chair Janet Yellen told reporters that she is not ruling out a rate hike after April and that the timing of a raise is data dependent. The dollar edged lower and the euro climbed to trade above $1.09. Light sweet crude oil for April delivery added $1.46 to $46.65 a barrel on the New York Mercantile Exchange, while gold futures gained $3.10 to $1,151.30 an ounce. The Dow Jones industrial average increased 227.11, or 1.27 percent, to 18,076.19. The broader Standard & Poor's 500 index moved up 25.14, or 1.21 percent, to 2,099.42. The technology-heavy Nasdaq composite rose 45.39, or 0.92 percent, to 4,982.83.
