S&P 500, Dow Score Biggest One-day Gain This Year

The S&P 500 and Dow industrials scored their best one-day gains of 2014 on Wednesday after the dovish Federal Reserve statement. Stocks were already solidly higher, as currency and commodity markets calmed down after wild swings during the previous sessions. However, indexes soared after the Federal Open Market Committee's statement modified its 'considerable time' language saying it 'can be patient' about the timing of the first rate hike. The S&P 500 closed 40 points, or 2%, higher at 2,013. The Dow Jones Industrial Average jumped 288 points, or 1.7%, to 17,367. The Nasdaq Composite ended the day with a gain of 96 points, or 2.1%, at 4,644.