NEW YORK, Sept 24 — US stocks gained more than 1 per cent on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates.
“This is a follow-on rally from a very good Fed meeting,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. The Dow Jones Industrial Average rose 506.5 points, or 1.48 per cent, to 34,764.82, the S&P 500 gained 53.34 points, or 1.21 per cent, to 4,448.98 and the Nasdaq Composite added 155.40 points, or 1.04 per cent, to 15,052.24.
During the session the S&P 500 broke above its 50-day moving average, after trading below the indicator for three full sessions - its biggest such breach since early March.
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