(AP) — Stocks rose broadly on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting indicate the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation. The S&P 500 rose 0.9%, the Dow Jones Industrial Average rose 0.6% and the Nasdaq rose 1.5%. Small-company stocks rose fare more than the rest of the market, a sign of bullishness on the economy. Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — Stock indexes on Wall Street marched broadly higher Wednesday afternoon following the release of minutes from the Federal Reserve’s most recent interest rate policy meeting.

The rally, which followed a stretch of mostly choppy trading, came as investors reviewed the minutes from the meeting earlier this month in hopes of gaining fresh insight into the central bank officials’ thinking as the Fed raises interest rates, among other moves, in a bid to tame the highest inflation in four decades.

The minutes show most of the officials at the meeting agreed that half-point increases to the Fed’s benchmark short-term rate “would likely be appropriate” at the central bank’s next two meetings, in June and July. Such an increase would be double the usual hike.

The S&P 500 was up 1.3% as of 3:28 p.m. Eastern. The Dow Jones Industrial Average rose 262 points, or 0.8%, to 32,188 and the Nasdaq rose 1.9%. The indexes are on pace for a weekly gain, despite more up-and-down trading this week.

Small-company stocks made solid gains in a potential signal that investors had more confidence about prospects for economic growth. The Russell 2000 rose 2%.

The yield on the 10-year Treasury, which helps set mortgage rates, slipped to 2.75% from 2.76% late Tuesday.

The broader market remains volatile with investors on edge because of rising inflation and its impact on businesses and consumers. Investors are also concerned about the Fed’s aggressive plan to raise interest rates to fight inflation and hope the Fed won’t act so aggressively to slow the economy as to cause a recession.

Russia’s invasion of Ukraine in February added even more pressure to already rising energy costs, making inflation worse for both businesses and consumers. Supply chains became even tighter over the last month as China locked down several major cities to fight rising cases of COVID-19.

“The overarching theme, especially for the past few weeks, is that investors are increasingly cautious on growth and the economic outlook,” said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management. “It’s one of the big reasons why you’re seeing the inability for the stock market to get any kind of momentum.”

At the May 3-4 meeting, the Fed raised its key interest rate by a half-percentage point, its most aggressive move since 2000. It also signaled further large rate hikes to come. To tame inflation, the Fed wants to cool spending and economic growth by making it more expensive for individuals and businesses to borrow.

The minutes revealed that many of the policymakers agreed that after a rapid series of rate increases in the coming months, they could “assess the effects” of their rate hikes and, depending on the economy’s health, adjust their policies.

The economy has showed more signs of showing, and financial markets have dropped sharply, since the Fed meeting.

The S&P 500 gained ground on Monday, but slipped again on Tuesday, dragged down by more losses in the technology sector. The S&P 500 is coming off of a seven-week losing streak that came close to ending the bull market for stocks that began in March 2020.

Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits. Some of those concerns dissipated after the high-end department store operator Nordstrom reported higher sales and raised its profit forecast. It’s stock jumped 14%.

Technology stocks also helped lift the market. Microsoft rose 1.5%.

Several companies made strong gains after reporting solid financial results and giving investors strong forecasts, despite grappling with persistently rising inflation.

TurboTax software maker Intuit rose 9.1% after raising its profit and revenue forecasts for the year. Caleres, the owner of Famous Footwear, surged 29.3% after also raising its profit forecasts for the year.

Homebuilder Toll Brothers rose 8.2% after reporting strong profits just a day after that sector stumbled amid a disappointing government report on newly built home sales.

Wendy’s jumped 10.4% after Trian Fund Management, which already owns 19% of the company, said it was considering buying the rest of the company.

European markets were higher and Asian markets closed mostly higher.