The S&P 500 was up 0.7% in midday trading to 2,175.34.

The Dow Jones Industrial Average was up 0.6% to 18,397.46.

The NASDAQ was up 0.7% to 5,331.56.

The yield on a 10-year Treasury bond fell 2.3% to 1.63%.

The price of gold rose 0.9% to $1,343.

REAL ESTATE

Orange County home builders were up after the Federal Reserve said it plans to raise interest rates only gradually.

Irvine-based CalAtlantic Group Inc. was up 1.6% to $34.34 and a $4.1 billion market cap. Irvine-based Tri Pointe Group Inc. was up 2.2% to $12.81 and a $2.1 billion market cap. Newport Beach-based William Lyon Homes was up 10.2% to $17.24 and a $547 million market cap. Aliso Viejo-based New Home Co. Inc. was up 3.7% to $10.32 and a $215 million market cap.