Wall Street Extends Fed-fuelled Rally

US stocks climbed on Thursday, with big tech names leading broad gains, building on strength from a day earlier that was fuelled by the Federal Reserve's decision to stand pat on interest rates. The S&P 500 tallied its best two-day performance in more than two months, while the Nasdaq closed at a record high. 

 

Fed Chair Janet Yellen said on Wednesday that US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. But the central bank maintained the low-interest rate environment that has helped underpin the bull market for stocks. 

 

"Lower for longer is a good thing for the equity markets..." said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "It basically says risk back on." The industrial average rose 98.76 points, or 0.54 percent, to 18,392.46, the S&P 500 gained 14.06 points, or 0.65 percent, to 2,177.18 and the Nasdaq Composite added 44.34 points, or 0.84 percent, to 5,339.52. The three indexes recorded their third straight session of gains.

 

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