The Nasdaq and the S&P 500 shot up more than 1 percent on Wednesday, while the Dow Industrials turned positive, after the Federal Reserve said after its policy meeting it will buy long-term U.S. Treasuries in its push to revive the recession-hit economy.

The Dow Jones industrial average <.DJI> shot up 120.98 points, or 1.64 percent, at 7,516.68. The Standard & Poor's 500 Index <.SPX> was up 17.42 points, or 2.24 percent, at 795.54, just off its session high at 795.68. The Nasdaq Composite Index <.IXIC> was up 38.42 points, or 2.63 percent, at 1,500.53

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)