MARKET SNAPSHOT: U.S. Stocks Rally After FOMC Releases Minutes

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks jumped to session highs, sending the Dow Jones Industrial Average 200 points higher after minutes released from the Federal Open Markets Committee meeting reaffirmed the central bank's intention to be prudent in its plans to eventually hike rates.

The minutes offered no major revelations. But markets wrestling with sluggish growth in Europe, China and Japan may have been heartened by the lack of surprises.

Some highlights from the minutes released Wednesday include the fact that several top official wanted to re-write their guidance that short-term interest rates were likely to stay low for a "considerable time," but held off in part because of concerns that the market would view it as a fundamental shift in policy.

The S&P 500 (SPX) was up 22 points, or 1.2%, at 1,957.50. The Dow Jones Industrial Average (DJI) jumped 200 points, or 1.1%, to 16,911.70. The Nasdaq Composite (RIXF) gained 61 points, or 1.4%, to 4,446.37.

As part of Tuesday's carnage, the S&P 500 (SPX) dropped 1.5% to close at 1,935.1, and the Dow industrials (DJI) experienced its worst selloff in more than two months. Wednesday, however, saw much more buoyant trading action.

Market's October backdrop remains bearish

Stocks to watch:Yum Brands Inc.(YUM) picked up 0.9% after a big selloff on Tuesday. The company's profit and outlook missed estimates, and it slashed expectations for full-year growth in earnings per share.

Kraft Foods Group Inc. (KRFT) was up 1.4% after the food company said Tuesday it's raising its quarterly dividend to 55 cents a share, from 52.5 cents.

Costco Wholesale Corp. (COST) surprised with a 13% rise in profit on growth in same-store sales and higher sales from membership fees. Shares rose 2.6%.

Symantec Corp.(SYMC) could be looking at a split, Bloomberg News reported, citing persons with knowledge of the plans. Shares rose nearly 2.7%.

Other markets: European stocks trended lower, with the German DAX 30 dropping below the key 9,000 level. Travel stocks were hit particularly hard in Europe on fears the spread of Ebola will hamper tourism. Stocks in Russia and other emerging markets were also hit hard as Tuesday's growth warning by the International Monetary Fund about the health of the global economy continued to have ripple effects. The case for not panicking over the global slowdown

The global rout was felt in Asia, where the Nikkei 225 index lost 1.2%.

Oil prices(CLX4) pushed another leg lower, trading around the $87-dollar-a-barrel level. On Tuesday in New York it finished at its lowest level for two years, also weighed by that IMF growth call. Gold(GCZ4) rose as stocks continued to struggle.

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