Wall Street welcomed Wednesday’s decision from the Federal Reserve to accelerate the wind-down of its stimulus measures, rising sharply higher to snap a two-day losing streak.

The Federal Reserve said it would end its bond purchases in March as expected. That will pave the way for three interest rate hikes by the end of next year.

The move drove up bond yields, but tech stocks like Apple and Nvidia, which are usually sensitive to rising rates, charged higher, leading the rally.

Summit Place Financial Advisor President Liz Miller said the Fed was pivoting by focusing more on inflation and less on employment.

“I think it's the entire Federal Reserve Committee deciding more to talk about making some movements earlier. I do still think we're going to see dramatically lower inflation by the end of 2022, and I'm not sure it takes the rate hikes to get there. But this is certainly what consumers and investors were looking for - for greater confidence in the path ahead.”

The Dow added over 380 points. The S&P 500 gained over one-and-a-half percent, and the Nasdaq shot up more than 2%.

The Fed announcement sparked a U-turn. The markets had been trading lower after retail sales in November came in weaker than expected.

Shares of Eli Lilly jumped more than 10%. The drug maker issued a bullish forecast for next year as it bets that new drug approvals will offset the impact of pricing pressures and competition on its other key treatments.

Lithium producer Albemarle lost some of its spark. Goldman Sachs downgraded the shares to “sell” from “neutral,” citing high valuations.