May 21, 2014 4:24 PM EDT

U.S. stocks rebounded Wednesday from a sharp decline Tuesday after minutes released from the latest meeting of the Federal Reserve indicated interest rates aren’t likely to climb significantly in the short term.

The Dow Jones Industrial Average climbed nearly 160 points to 16,533.06 for a strong gain of 0.97%. The S&P 500 rose 15.20 points to 1,888.03 while the Nasdaq climbed 0.85%, or 34.65 points, to 4,131.54. Stocks fell on Tuesday after a Fed official suggested an interest rate hike could come sooner than expected.

Markets reacted to the release of minutes from the most recent meeting of the Federal Reserve, , in which central bankers indicated that the economy is gaining strength and employment is improving but they aren’t like to impose a sharp increase in interest rates in the near term, CNBC reports.

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