The Dow Jones Industrials progressed 191.66 points to conclude Wednesday at 32,120.28.
The S&P 500 jumped 37.25 points, or 1%, to 3,978.73.
The NASDAQ Composite jumped 170.29 points, or 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 11.9%.
Nordstrom shares jumped more than 14% after the company surpassed sales expectations and raised its full-year outlook.
Dick’s Sporting Goods gained 9.7% on strong earnings despite cutting its outlook. Best Buy even climbed, about 9%, despite getting a downgrade from Barclays, which followed a mixed earnings report Tuesday.
Elsewhere, tech stocks bounced after leading market losses in the previous session. Intuit jumped 8.2% after the tax software company reported better-than-expected quarterly profit and revenue, and raised its current quarter outlook. DocuSign and Zoom Video each rose about 8% too. Nvidia added 5% ahead of its earnings after the bell.
Treasury prices settled, bringing yields back up to Tuesday’s 2.76%. Treasury prices and yields move in opposite directions.
Oil prices gained 96 cents to $110.73 U.S. a barrel.
Gold prices dropped $12.30 to $1,853.10 U.S. an ounce.