The Federal Reserve yesterday said it will be "patient" in raising interest rates, sending stocks soaring as Wall Street registered its best day in more than a year.
Fed chairwoman Janet Yellen said economic fundamentals will be the guide for raising the benchmark interest rate, not a specific date, and she foresees no rate hikes in the first quarter of 2015.
Yellen also said the central bank would not make policy changes right now, despite plunging oil prices and potential turmoil overseas, particularly in Russia.
The Fed made a slight distinction in its policy statement by adding the word "patient," said David Wessel, a federal reserve expert with the Brookings Institution.
"They're trying to not signal any change in policy, (but) wean themselves off of language that was so dependent on when they stop buying bonds and put more focus on the economy," Wessel said.
The Fed also lowered its expectation for inflation, which the bank has repeatedly said is a key indicator that will affect policy.
The Dow Jones Industrial Average closed up 288 points or 1.7 percent, while the Standard and Poor's 500 index closed 40.15 points higher, or 2.04 percent.
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