Oracle and Yellen send S&P 500 up - New York Report

THE S&P 500 closed out its biggest two-day advance since November 2011 yesterday, extending a Federal Reserve-fuelled rally from the previous session, while tech shares jumped after Oracle results.

The Dow industrials recorded the best one-day percentage gain since December 2011. The S&P 500 posted its biggest daily percentage gain since January 2013 and is up 4.5 per cent in the last two days.

The rally followed the Fed’s upbeat assessment of the US economy on Wednesday and a commitment to take a “patient” approach toward raising interest rates.

A three per cent jump in the technology sector also helped the advance. Oracle jumped 10.2 per cent to $45.35, a day after quarterly results beat expectations. Apple climbed three per cent to $112.65.

“This week was a game-changer. That easy money trade came to the forefront, and it’s so powerful it wipes out all of these concerns that exist,” said Adam Sarhan, chief executive of Sarhan Capital.

The Dow Jones industrial average rose 421.28 points, or 2.43 per cent, to 17,778.15, the S&P 500 gained 48.34 points, or 2.4 per cent, to 2,061.23 and the Nasdaq Composite added 104.08 points, or 2.24 per cent, to 4,748.40.

Despite crude falling 4.2 per cent, the S&P Energy sector ended up 2.1 per cent.

Earlier in the session, data showed weekly jobless claims fell more than expected, suggesting the labor market continues to strengthen.