Wall St rallies on Fed move - New York Report

US STOCKS jumped yesterday after the Federal Reserve suggested a less aggressive timeline for raising interest rates even as it opened the door for the first hike in almost a decade.

The Fed dropped its pledge to be “patient” in deciding when to begin raising rates, but it cut its interest rate projections over the next few years and downgraded its outlook for the US economy.

While the statement put a June rate increase on the table, it also allowed the Fed flexibility to move later.

The Dow Jones industrial average rose 227.11 points, or 1.27 per cent, to 18,076.19, the S&P 500 gained 25.14 points, or 1.21 per cent, to 2,099.42 and the Nasdaq Composite added 45.39 points, or 0.92 per cent, to 4,982.83.

Among the day’s gainers, Oracle rose 2.9 per cent to $44.13 a day after it posted flat third-quarter revenue and slightly lower profit.

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