United States stocks gain as Fed keeps rates unchanged

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The Standard & Poor's 500 index rose 11 points, or 0.5 percent, to 2,174. Wall Street was set to open marginally lower.

Software company Red Hat, up 4.6%, was the biggest gainer in the S&P 500 after lifting its guidance for the year and reporting better-than-expected results Wednesday.

Stocks posted solid gains on Thursday as investors, comfortable that the Federal Reserve will keep interest rates low, bought up stocks that pay big dividends.

The Dow Jones Industrial Average climbed 115 points, or 0.6%, to 18409 and the S&P 500 advanced 0.5%. The Nasdaq composite climbed 44 points, or 0.8 percent, to 5,339. Interest rate futures were pricing in roughly a 60 percent chance of a rate increase by December, little changed from before the Fed meting.

The Russian energy minister's comments in support of coordinated action boosted oil further. The yield on the U.S. Treasury 10-year note fell to 1.63 percent from 1.67 percent the day before. Caixabank shares fell 3.1 per cent. RBC raised the stock to a "top pick" designation, a trader said.

The U.S. jobless rate now stands at 4.9 percent.

Mumbai: Emerging markets, including India, are likely to see a relief rally, after the US Federal Reserve left key policy rates unchanged and slowed the pace of future hikes.

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But renewed concern over a slowdown in growth in China and a collapse in global oil prices - together with recent volatility related to Britain's decision to leave the European Union - kept the Fed on the sidelines.

Oil and commodities firms gained the most as oil and metal prices rose, while a weakened dollar made the climbing easy for the euro, pound and Swiss franc. 21, 2016, after Japan's central bank rejiggered its stimulus policies to have a greater influence over long-term interest rates and as investors looked ahead to the Federal Reserve's policy meeting. Investors are now looking ahead to the release next week of a raft of economic data, such as monthly USA consumer confidence and durable goods orders and Chinese factory activity, for the latest insights on the world economy's health. Now it is down to just three. The US dollar was lower for most of the week, driving interest in the commodity by worldwide buyers. The base case of a December rate hike continues.

Before that also comes the uncertainty of USA elections, added GAM's Hatheway.

Fawad Razaqzada, market analyst at Forex.com, said via e-mail that the stock market's positive response "clearly underscores investors' faith that the era of low and negative interest rates, and QE, is far from over".

The dollar index dropped 0.6 per cent on Thursday, and was on track to mark the second straight day of losses after the central bank's decision. There have now been nearly 200 cuts worldwide since the start of a year ago.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.15 percent, driven by gains in Australia, and within sight of its highest levels since July 2015 that it hit in early September.

"The central banks are still supportive of asset valuation and financial markets", added Chhaochharia.