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Market rallies after dovish Fed minutes

NEW YORK (Reuters) - U.S. stocks rose sharply in afternoon trading on Wednesday after minutes from the latest Federal Reserve meeting were perceived to be more supportive of equities than anticipated.

"The minutes had a dovish slant in that they acknowledged a growth slowdown and the possibility of the dollar strength weighing on U.S. companies," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

The Dow Jones industrial average <.DJI> rose 192.69 points, or 1.15 percent, to 16,912.08, the S&P 500 <.SPX> gained 21.81 points, or 1.13 percent, to 1,956.91 and the Nasdaq Composite <.IXIC> added 53.11 points, or 1.21 percent, to 4,438.31.

(Reporting by Rodrigo Campos; Editing by Nick Zieminski)

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