Dow rallies 274, biggest gain of year

The Dow Jones industrial average surged 274 points Wednesday to its biggest gain of the year, erasing a 272 point loss from a day earlier.

Investors were reacting to minutes from the Federal Reserve's latest policy meeting, which showed that the Fed is reluctant to raise interest rates any time soon. The rally began shortly after the minutes were released.

At the close on Wall Street, the Dow Jones industrial average was up 274.83 points, or 1.64 percent, to 16,994.22. The Standard & Poor's 500 gained 33.79 points, or 1.75 percent, to 1,968.89. The Nasdaq composite rose 83.39 points, or 1.9 percent, to 4,468.59.

Indexes had seesawed between gains and losses earlier in the day, then turned higher after the Fed released minutes from its latest policy meeting. The Dow recovered all of the ground it lost the day before, when it sank on worries that the global economy was slowing.