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S&P 500 Jumps Most Since October 2013 on Fed, Energy

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U.S. stocks surged the most since 2013, erasing about half their December losses, as energy shares rebounded and the Federal Reserve said it will be patient on the timing of interest-rate increases.

The Standard & Poor’s 500 Index rose 2 percent to 2,012.89 at 4 p.m. in New York, the most since October 2013, after plunging for three sessions. The Dow Jones Industrial Average gained 288 points, or 1.7 percent, to 17,356.87. The Russell 2000 Index of smaller companies surged 3.1 percent for its biggest increase in three years. The VIX tumbled the most since October 2013. About 9.4 billion shares changed hands on U.S. exchanges, the most since October.