US stocks climbed after the Federal Reserve cut its benchmark interest rate.
US markets closed higher after the Fed said it would hold its benchmark overnight rate unchanged at 0.25% and said it expected to raise its benchmark rate to 0.50% by the end of February.
US stocks jumped 1.3%, while the Dow Jones industrial average added 0.8%.
The Nasdaq composite added 0,527.13 points, or 0.6%, to 2,531.05.
The Dow Jones Industrial Average rose 1330.16 points, to 2799.23.
The S&P 500 gained 1.9%, to 1,534.56.
The Nasdaq added 0 points, with the Nasdaq Composite up 2.5%, to 4,838.25.
Read more about the US economy:The Fed cut its overnight rate to zero, from 0.75%, as it continues to seek to curb the economic expansion that has taken off in recent years.
The rate cut came as markets were poised for a major move by the Fed as the central bank tries to push economic growth back to pre-crisis levels.
The Fed said Thursday it will hold its rate at 0% until March 11, a level the Fed has said it will be unlikely to hit.
The move came after the central banker also cut its key interest rate to a record low in February, signalling that it was willing to lower its benchmark lending rate in the coming months to try to spur economic recovery.
The central bank cut its target range for its benchmark policy rate to 25 basis points to 0% and a 0.5% target range to 0%.
Fed Chair Janet Yellen has said she expects the central banks policy rate will likely stay near zero for a while, although it could fall as the economy improves.
The Federal Reserve said Thursday that it will raise the benchmark overnight borrowing rate from 0% to 0%, a move that would be the first since January 2016.
Yellen also said that the Fed will continue to gradually raise its key policy rate.