US STOCKS-Wall St gains on Fed's view; S&P 500 ends at a record
* Fed bumps up rate-hike path but sees lower long-term rates
* Amazon CEO Bezos unveils "Fire" smartphone; stock climbs
* FedEx shares hit all-time high after quarterly profit
* Dow up 0.6 pct; S&P 500 up 0.8 pct; Nasdaq up 0.6 pct (Updates to close)
By Angela Moon
NEW YORK, June 18 (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 ending at a record after the Federal Reserve hinted at a slightly faster pace of interest-rate increases starting next year but suggested rates in the long run would be lower than it had indicated previously.
The benchmark S&P 500 set intraday and closing record highs while the CBOE Volatility Index or the VIX, Wall Street's fear gauge, fell to its lowest since February 2007.
"It's onwards and upwards for equities, especially after the Fed's announcements today," said Mike Arone, chief investment strategist for State Street Global Advisors' intermediary business in Boston.
"There is an improved labor environment and inflation that is still below what the Fed considers a normal level," Arone said. "I think that environment shapes up very well for risk assets and equities in particular." Continuación...