US stocks surge as Fed signals caution on rates

Wall Street stocks surged Wednesday after the Federal Reserve trimmed its US economic forecast and signaled a cautious approach to raising interest rates. At the closing bell, the Dow Jones Industrial Average was at 18,072.50, up 223.42 points (1.25 percent). The broad-based S&P 500 gained 24.94 (1.20 percent) at 2,099.22, while the tech-rich Nasdaq Composite Index jumped 45.17 (0.91 percent) to 4,982.61. The Fed dropped a pledge to remain "patient" on raising interest rates, signa