US Stocks Close Higher, Unfazed By Fed Report

Wall Street stocks shrugged off doubts about the US economy and powered higher on Thursday, with Apple soaring ahead of an expected product launch next week.

The Dow Jones Industrial Average rose 0.8 percent to 25,962.

The S&P 500 advanced 1.1 percent to 2,854, while the Nasdaq Composite Index jumped 1.4 percent to 7,838.

The gains came a day after the Federal Reserve surprised markets with a dovish policy decision that analysts said raised doubts about the US economic outlook.

But Thursday's performance showed investors believe "the Fed will do what it can to please the markets," said Meeschaert Financial Service's Gregori Volokhine, adding that money managers fear losing out on more gains later in the year.

Apple surged 3.6 percent on positive buzz ahead of a March 25 event expected to unveil a new streaming service. Apple was upgraded by Needham and its price target was lifted by Citigroup.

Chip companies also had a strong day, with Advanced Micro Devices winning 8.5 percent, Western Digital 9.8 percent and Micron Technology 9.6 percent following results from Micron.

Levi Strauss, returning to the public markets for the first time in nearly 35 years, soared 31.9 percent from its initial public offering price.

But biotech company Biogen plunged 29.2 percent after it halted clinical trials for a medication once thought to offer promise for treating Alzheimer's disease. (AFP)