The unrevised rate cut forecast is seen as bullish for stocks, as some investors had been worried recent hotter-than-expected inflation data could lead Fed officials to reconsider lowering rates.
At closing bell, the Dow Jones Industrial Average index advanced by 269.24 points, or 0.68%, to 39,781.37. The S&P500 index added 16.91 points, or 0.32%, to 5,241.53. The tech-heavy Nasdaq Composite index grew 32.43 points, or 0.2%, to 16,401.84.
Total 9 of the 11 major S&P 500 sectors inclined, with industrials sector being top performer, rising 1%, while utilities sector was bottom performer, falling 0.21%.
ECONOMIC NEWS: The US Labor Department released a report unexpectedly showing initial jobless claims edged down to 210,000, a decrease of 2,000 from the previous week's revised level of 212,000.
The National Association of Realtors also released on report showing existing home sale index spiked by 9.5% to an annual rate of 4.38 million in February after jumping by 3.1% to a rate of 4.00 million in January.
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