Dow rebounds 450 points from 4-day slide as Fed is not ready to remove stimulus yet; European markets close higher as traders await Fed update 
U.S. stocks rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic. 
The Dow Jones Industrial Average advanced 450 points, or 1.3%, on track to snap a four-day losing streak. The blue-chip Dow jumped 520 points at its session high. The S&P 500 added 1.2% amid a 3.3% jump in the energy sector. The Nasdaq Composite gained 1.1%. 
“If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the Fed’s post-meeting statement said. 
The Fed is still split on the timing of the first interest rate hike. Wednesday’s so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That’s up from seven in June’s Fed projections. 
FedEx shares tumbled 8% after profit fell at the shipper last quarter because of rising labor costs. FedEx also cut its forecast for the full year. 

European stocks closed higher on Wednesday as tensions eased over embattled Chinese property developer Evergrande and global investors awaited the outcome of the latest meeting of the U.S. Federal Reserve. 
The pan-European Stoxx 600 index provisionally closed up 1%, with banks leading the gains to rise 3.1% as most sectors and major bourses ended the session in positive territory. 
Source: CNBC, Investing.com