US Stocks Higher, Joining Global Rally After Fed Decision

NEW YORK, (UrduPoint / Pakistan Point News -22nd Sep,2016) - Wall Street stocks opened higher Thursday, joining a global equity rally after the US Federal Reserve decided to keep interest rates low.

Fed Chair Janet Yellen Wednesday described the US economy as improving, but said she wanted to see more evidence of strength before hiking rates.

"There was no rate hike, there was the reminder that policy rates are apt to remain low, and stocks rallied on the happy thought that a half-full punch bowl will be kept on the table," said Briefing.com analyst Patrick O'Hare.

Five minutes into trade, the Dow Jones Industrial Average stood at 18,422.59, up 0.7 percent. The broad-based S&P 500 gained 0.7 percent to 2,177.84, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 5,329.04.