Stock market today: Wall Street drifts higher as it counts down to a decision by the Federal Reserve

NEW YORK (AP) — U.S. stocks rallied Wednesday after the Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy.

The S&P 500 rose 1.1% in its first trading coming off a third straight monthly loss. The Dow Jones Industrial Average gained 221 points, or 0.7%, and the Nasdaq composite jumped 1.6%.