U.S. stocks rose, sending the Standard & Poors 500 Index near its all-time high and erasing losses for December, after the Federal Reserve spurred the biggest three-day jump since 2011.

The S&P 500 added 0.5 percent to 2,070.64 at 4 p.m. in New York, erasing all its losses for the month and approaching its previous closing high reached Dec. 5. The benchmark gauge is up 3.4 percent for the week, the most since October.

Trading in S&P 500 companies was 52 percent above the 30-day average for this time of day. Some futures and options on stocks and indexes expire today in a process known as quadruple witching. That often increases volatility and trading volume.

Following the Feds pledge to be patient on the timing of interest-rate increases, the Bank of Japan held monetary policy steady today, almost two months after boosting stimulus as Asias second-largest economy slumped into a recession. In Europe, almost all economists project the central bank will announce the purchase of large-scale government bonds next year.

Source : Bloomberg