Investing.com -- U.S. stocks closed broadly higher on Wednesday, extending gains late in the session after minutes from the Federal Open Market Committee's October meeting showed that the majority of the committee appeared ready to raise interest rates when it meets again next month.
While a rate hike by the Federal Reserve is generally viewed as bearish for U.S. equities, the Fed's hawkish stance since the October meeting will provide market players will with several weeks to price in an upward move above the current near-zero rate environment. At a critical meeting in September, the FOMC voted 9-1 to hold its benchmark Federal Funds Rate at a level between zero and 0.25%, amid significant concerns abroad. Last month, though, the FOMC noted that nearly all of its participants were in agreement that the global financial risks had diminished over the prior few weeks, the minutes showed. Investors have been awaiting a move for months since the Fed ended a comprehensive Quantitative Easing program last fall aimed at jumpstarting the U.S. economy.
The Dow Jones Industrial Average surged 247.66 or 1.42% to 17,737.16, while the NASDAQ Composite index added 89.18 or 1.79% to 5,075.20. It marked the second time this week that both indices jumped more than 1% on a session. The S&P 500 Composite index, meanwhile, rose 33.14 or 1.62% to 2,083.58, as all 10 of its sectors closed in the green. Stocks in the Health Care, Basic Materials and Financial industries led, each gaining more than 1.5% on the day.
The top performer on the Dow was Apple Inc (O:AAPL), which jumped 3.33 or 2.93% to 117.02, after analysts at GS added the world's largest company to its conviction buy list. Advisors from Goldman expect shares in Apple to gain more than 40% from its current level. The worst performer was 3M Company (N:MMM), which inched down 0.22 or 0.14% to 156.81.
The biggest gainer on the NASDAQ was TripAdvisor Inc (O:TRIP), which rose 5.23 or 6.69% to 83.35 after CEO Stephen Kaufer outlined the company's future business model at a Phocuswright Conference in South Florida. The worst performer was Citrix Systems Inc (O:CTXS), which lost 7.94 or 10.12% to 70.48. On Tuesday, the Florida-based software company announced the layoff of 1,000 employees and the spin-off of its Go To Meeting operation, amid increased pressure from activist investor Elliott Management.
TripAdvisor was also the top performer on the S&P 500, just above CONSOL Energy Inc (N:CNX) which added 0.60 or 7.79% to 8.30. Shares in the Pennsylvania-based energy company, which specializes in coal and natural gas production, are still down by roughly 80% this year. Citrix Systems (O:CTXS) closed as the worst performer on the S&P 500, just below Qualcomm Incorporated (O:QCOM), which fell 5.32 or 10.04% to 47.66. Earlier on Wednesday, authorities in South Korea alleged that the company violated the nation's antitrust laws in relation to its patent-licensing business.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 2,378 to 698 margin.