- IPO: 11 public offers raise Rs 33,000 cr between April-June FY23; 17 more in pipeline
- Rakesh Jhunjhunwala-backed Akasa Air first commercial flight flagged off by Civil Aviation Minister Jyotiraditya Scindia on this
- IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon
- Market next week: Global cues, macro numbers, last batch of earnings to dictate D-Street in holiday-truncated week: Experts
- Eight of top-10 valued firms add Rs 98,235 cr in m-cap; Infosys, TCS lead gainers
Wall Street extends gain after Fed says to be patient on rates
U.S. stocks extended their rally on Wednesday after the Federal Reserve said it would be patient in lifting borrowing costs further this year, reassuring investors worried about a slowing economy.
Along with better-than-feared quarterly results from Apple, the Fed`s comments helped Wall Street reverse two down days triggered by profit warnings from U.S. bellwethers that signalled a bigger impact from a slowdown in China.
The Fed held interest rates steady, as widely expected.
Apple shares jumped 5.8 percent after reporting a sharp growth in services business, easing concerns after the iPhone maker earlier this month cut current-quarter sales forecast.
Boeing Co gained 6.7 percent after the world`s largest planemaker forecast full-year profit and cash flow above analysts` estimates amid a boom in air travel and speedier 737 production.
Following the Fed`s rate announcement, all three main U.S. stock indexes extended gains from earlier in the session.
At 2:03 p.m. in New York (1903 GMT), the Dow Jones Industrial Average was up 1.51 percent at 24,951.93, while the S&P 500 had gained 1.22 percent to 2,672.26.
The Nasdaq Composite added 1.64 percent to 7,143.34.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.