Dow rallies 300 points after Fed chairman says policy will be "patient"

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U.S. stocks soared on Wednesday, with the Dow Jones Industrial Average climbing more than 300 points.

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As investors snapped a three-week losing streak induced by the Federal Reserve's rate policy.

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The S&P 500 had its best day in two weeks, climbing 1.4%, led by a 2.6% rally in energy shares as oil prices jumped. The Nasdaq Composite also gained 1.4%.

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The Dow's biggest gains came from Boeing, which soared 4.7% after the company said it would increase its dividend and share buyback program. 

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Caterpillar rose 3.2% and Chevron gained 3%.

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Fed Chairman Jerome Powell's dovish remarks on Tuesday continued to boost sentiment on Wall Street. 

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Powell said the central bank will be "patient" with interest rates, acknowledging that global economic growth has slowed.

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The Fed's shift in tone has helped quell fears of a sharp slowdown in the U.S. economy. 

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Stocks had tumbled in December on concerns about the Fed's rate policy and the trade war between the U.S. and China.

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