Dow jumps after Fed pledges patience in rate hikes
By Associated Press
Dec 17, 2014 1:24 PM CST
The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)   (Associated Press)

NEW YORK (AP) — The Dow Jones industrial average surged as much as 300 points after the Federal Reserve signaled it was edging closer to raising interest rates because of a strengthening U.S. economy, but promised to be "patient" in its approach.

The Fed says this approach is consistent with what it called its "previous" guidance that it expected to keep the rate near zero for a "considerable time."

The Dow was up 255 points, or 1.5 percent, to 17,324 as of 2:22 p.m. Eastern time Thursday. It rose as much as 303 points shortly after the announcement.

The Fed gave no specific guidance on when the first rate hike might occur.