US stocks opened higher on Thursday after the Federal Reserve signalled an end to its aggressive rate hike policy and indicated possible rate cuts next year.
The Dow Jones Industrial Average rose 25.39 points, or 0.07%, at the open, to 37,115.63. The S&P 500 opened higher by 13.95 points, or 0.30%, at 4,721.04. The Nasdaq Composite gained 64.76 points, or 0.44%, to 14,798.72 at the opening bell.
On Wednesday, the US Federal Reserve held its key interest rate steady in the range of 5.25% to 5.50%.
On Wednesday, the Dow Jones Industrial Average rose 512.3 points, or 1.4%, to 37,090.24. The S&P 500 gained 63.39 points, or 1.37%, to 4,707.09. The Nasdaq Composite added 200.57 points, or 1.38%, to 14,733.96.
In Europe, the Stoxx 600 index was 1.3% higher by 1:20 pm in London, led by real estate and miners.
Germany’s DAX jumped 0.5% and France’s CAC 30 was up 1.1%. Britain’s FTSE 100 surged 1.9%.
The European Central Bank (ECB) and Bank of England (BoE) were also expected to keep their interest rate policies unchanged on Thursday.
In Asian markets, Hong Kong’s Hang Seng rose 1.1% to 16,408.26. China’s Shanghai Composite fell 0.3% to 2,958.99.
Japan’s Nikkei 225 fell 0.7% to 32,686.25.
South Korea’s Kospi advanced 1.3% to 2,544.18. India’s Sensex gained 1.3%.
Australia’s S&P/ASX 200 jumped 1.7% to 7,377.90.
Oil prices surged on Thursday on weakness in the US dollar following the Fed announcement.
Brent futures were up $1.42, or 1.9%, to $75.68 a barrel at 1131 GMT. US West Texas Intermediate (WTI) crude climbed $1.34, or 1.9%, to $70.81.
In a monthly report, the IEA said that world oil consumption will rise by 1.1 million barrels per day (bpd) in 2024, up 130,000 bpd from its previous forecast.
Gold prices rose on Thursday to their highest in a week. Spot gold was 0.4% higher at $2,034.58 per ounce as of 1216 GMT.
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Published: 14 Dec 2023, 08:44 PM IST