Stocks finished broadly higher on Wall Street on Wednesday as minutes from the Federal Reserve’s most recent meeting indicated the central bank expects to act “expeditiously” to boost interest rates back to more neutral levels in its effort to contain inflation.

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The S&P 500 increased by 0.9%, while the Dow Jones Industrial Average increased by 0.6%. The Nasdaq rose 1.5%. Despite more volatile trading this week, the indices are on track for a weekly gain after recovering from early losses.

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The minutes from the Fed meeting earlier this month showed most of the officials agreed that half-point increases to the Fed’s benchmark short-term rate “would likely be appropriate” at the central bank’s next two meetings, in June and July. Such an increase would be double the usual hike.

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The central bank has begun raising interest rates in a bid to stamp out the highest inflation in four decades, so traders are keen to gain fresh insight into Fed officials’ thinking. Still, the Fed minutes didn’t reveal any major surprises.

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The S&P 500 rose 37.25 points to 3,978.73. The Dow gained 191.66 points to 32,120.28. The Nasdaq rose 170.29 points to 11,434.74.

Small-company stocks rose far more than the rest of the market, a sign of bullishness in the economy. The Russell 2000 gained 34.34 points, or 2%, to 1,799.16.

The yield on the 10-year Treasury, which helps set mortgage rates, slipped to 2.75% from 2.76% late Tuesday.

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The broader market remains volatile with investors on edge because of rising inflation and its impact on businesses and consumers. Investors are also concerned about the Fed’s aggressive plan to raise interest rates to fight inflation and hope the Fed won’t act so aggressively to slow the economy as to cause a recession.

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Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits. Some of those concerns dissipated after the high-end department store operator Nordstrom reported higher sales and raised its profit forecast. Its stock jumped 14%.

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Technology stocks also helped lift the market. Microsoft rose 1.1%.

Several companies made strong gains after reporting solid financial results and giving investors strong forecasts, despite grappling with persistently rising inflation.

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TurboTax software maker Intuit rose 8.2% after raising its profit and revenue forecasts for the year. Caleres, the owner of Famous Footwear, surged 29.9% after also raising its profit forecasts for the year.

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Homebuilder Toll Brothers rose 8% after reporting strong profits just a day after that sector stumbled amid a disappointing government report on newly built home sales.

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Wendy’s jumped 9.8% after Trian Fund Management, which already owns 19% of the company, said it was considering buying the rest of the company.