Stocks rise after Fed signals further rate hikes, Dow jumps nearly 200 points; European stocks close higher as markets attempt to recover from sell-off 
Stocks rose on Wednesday after the minutes of the Federal Reserve’s May policy meeting showed the central bank is prepared to raise rates further than the market had anticipated. 
The Dow Jones Industrial Average jumped 191.66 points, or 0.6%, to 32,120.28. The S&P 500 climbed 0.9% to 3,978.73, and the Nasdaq Composite advanced 1.5% to 11,434.74. All of the major averages are currently on pace for a winning week. 
The minutes from the Fed’s May 3-4 meeting showed officials saw the need to raise rates quickly, and possibly more than the market has priced in, to quell the recent inflationary pressures. 
Retail also remained in focus Wednesday, leading the market higher after the major averages opened in the red. The reversal followed a report that bidders are still competing to acquire Kohl’s, whose shares jumped nearly 11.9%. The SPDR S&P Retail ETF gained 6.8%. 
Nordstrom shares leapt more than 14% after the company surpassed sales expectations and raised its full-year outlook. Dick’s Sporting Goods gained about 9.7% on strong earnings despite cutting its outlook. Best Buy climbed nearly 9%, despite getting a downgrade from Barclays, which followed a mixed earnings report Tuesday. 

On the data front, German GDP grew 0.2% in the first quarter of 2022, the Federal Statistics Office said on Wednesday, as Europe’s largest economy narrowly avoided a recession on the back of strong construction and machinery investments. 
In terms of individual share price movement in Europe, Austrian electricity provider Verbund surged 9% to the top of the Stoxx 600 after proposing the distribution of a one-off special dividend for the 2022 financial year. 
Source: CNBC, Investing.com