US stocks surge on Federal Reserve statement

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Dow Jones Industrial Average

Last Updated at 23 Feb 2018, 20:58 GMT *Chart shows local time Dow Jones intraday chart
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General Electric Co.

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(Close): Wall Street investors sent US stocks to record highs, after the US Federal Reserve indicated it would not raise record-low interest rates soon.

The Dow Jones soared 227.11 points, or 1.27%, to 18.076.19, while the broader S&P 500 gained 25.14 points, or 1.21%, to close at 2,099.42.

The tech-heavy Nasdaq added 45.39 points, or 0.92%, to 4,982.83.

The Fed said it would wait for US labour market conditions to improve before raising rates.

Although it removed the word "patience" from its statement, the more cautious overall tone cheered investors, who see low interest rates as a boon to US firms.

The dollar fell over 2% against the euro, making one dollar worth €0.92280, mostly due to the Fed's downgrading of its projections for future US economic growth..

Oil stablises

Oil firms were some of the day's biggest winners, after the price of the US oil benchmark - West Texas Crude - rose 3.9% to $45.16 a barrel, mostly as a result of the weakening dollar.

When the dollar weakens, oil - which is priced in the US currency - becomes more affordable to buyers using foreign currencies.

Shares in Chevron rose by 3.42% to $106.70 per share, and US oil giant Exxon saw its stock price climb by 2.37% to $860.07 per share.

On the Dow Jones, retail giant Walmart was the only loser, declining by 0.18%.

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