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 338.48 points, or 1%, to 34,258.32, snapping a four-day losing streak. The blue-chip Dow closed well off its high, however, as it jumped 520 points earlier in the day. The S&P 500 added nearly 1% to 4,395.64 amid a 3.2% jump in the energy sector. The index also posted its first positive day in five. The Nasdaq Composite gained 1% to 14,896.85.

The Fed did not give a specific timeline on when it may begin moderating its purchases.

“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 central bank has been buying $120 billion a month of Treasurys and mortgage-backed securities since…

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