ECONOMY

US stocks snap higher as Fed promises a 'patient' approach on rates; oil price steadies

The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)

The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)  (The Associated Press)

The U.S. stock market is closing with its biggest gain in more than a year after the Federal Reserve said it was in no rush to raise rates.

The Federal Reserve indicated Wednesday it was moving closer to raising rates from record lows because the U.S. economy and job market are strengthening. The Fed said it would be "patient" in its approach to raising rates.

The Standard & Poor's 500 gained 40 points, or 2 percent, to 2,012, the largest increase since October 2013.

The Dow Jones industrial average rose 288 points, or 1.7 percent, to 17,356.

The Nasdaq climbed 96 points, or 2.1 percent, to 4,644.

Energy shares rose the most Wednesday as oil gained.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.14 percent.