The US stock markets gained on Wednesday after the Federal Reserve said it would accelerate its pullback of economic stimulus and could raise interest rates three times next year to tackle rising inflation. Major Wall Street indices rose over 1 percent.

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US indices on Wednesday:

The S&P 500 rose 75.76 points, or 1.6%, to 4,709.85.

The Dow Jones Industrial Average rose 383.25 points, or 1.1%, to 35,927.43.

The Nasdaq rose 327.94 points, or 2.2%, to 15,565.58.

The Russell 2000 index of smaller companies rose 35.56 points, or 1.6%, to 2,195.21.

For the week:

The S&P 500 is down 2.17 points, or less than 0.1%.

The Dow is down 43.56 points, or 0.1%.

The Nasdaq is down 65.02 points, or 0.4%.

The Russell 2000 is down 16.60 points, or 0.8%.

For the year:

The S&P 500 is up 953.78 points, or 25.4%.

The Dow is up 5,320.95 points, or 17.4%.

The Nasdaq is up 2,677.30 points, or 20.8%.

The Russell 2000 is up 220.35 points, or 11.2%.

-With agency inputs