NEW YORK — A more upbeat Federal Reserve is reassuring investors that they've been making the right bets.

Stocks bounded higher yesterday after the central bank ended a two-day meeting by saying the economy appears to be "leveling out" rather than shrinking at a slower rate. The Fed's more positive take on the economy than it had in June wasn't surprising but it still bolstered hopes for a recovery.

Yesterday's advance energized the market's summer rally after it stalled on Monday and Tuesday, with all major market indexes jumping more than 1 percent.