Wall Street climbed, pushing the Nasdaq to a fresh intraday record high, as investors repositioned themselves after the US Federal Reserve kept its target interest rate steady and hinted at a potential December hike.
"Lower for longer is a good thing for the equity markets," Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, told Reuters. "It basically says risk back on."
In 3.08pm trading in New York, the Dow Jones Industrial Average rose 0.6 per cent, while the Nasdaq Composite Index climbed 0.8 per cent. In 2.54pm trading, the Standard & Poor's 500 Index advanced 0.6 per cent.
Gains in shares of Procter & Gamble and those of United Technologies, recently trading 1.2 per cent and 1.1 per cent stronger respectively, spearheaded the advance of the Dow. Bucking the trend were shares of Pfizer and those of DuPont, down 0.4 per cent and 0.3 per cent respectively, for the only declines in the Dow in afternoon trading.
US Treasuries were steady, with the 10-year note yielding 1.64 per cent.