Stocks raced higher on Wednesday afternoon after the Federal Open Market Committee scaled back its outlook for 2016 rate hikes, and trimmed its forecast for 2016 GDP as downside risks to the U.S. economy persist due to disappointing global economic growth. Supported by a rally in oil, equities were firm despite better-than-expected inflation and housing market data, and expectations for the Fed to indicate a June rate hike. Thursday's calendar includes initial jobless claims, the Philadelphia Fed business outlook index, Q4 current account deficit, JOLTS, and February leading economic indicators.