The Fed made it clear at the conclusion of its monetary policy meeting on Wednesday that they intend to take off their gloves and combat stubbornly persistent inflation by hiking key interest rates more aggressively than many market participants expected.
At the close of trade, the Dow Jones Industrial Average index surged 564.69 points, or 1.65%, to 34,725.47. The S&P500 index climbed up 105.34 points, or 2.43%, to 4,431.85. The tech-heavy Nasdaq Composite Index spurted 417.79 points, or 3.13%, to 13,770.57. For the week, the Dow advanced by 1.3%, the S&P 500 climbed by 0.8% and the Nasdaq gained marginal 0.1%.
Total shares trading volume turnover on U.S. exchanges stood at 10.25 billion shares, down from yesterday's 10.70 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2266 to 1130 and 140 closed unchanged. In the NASDAQ, 3175 issues advanced, 1629 issues declined, and 257 issues unchanged.
Total 10 of 11 major S&P 500 sector indexes advanced, with top performing issues were information technology (up 4.33%), real estate (up 3.88%), communication services (up 2.92%), consumer discretionary (up 2.3%), and healthcare (up 2.08%).
Among active stocks, Apple Inc rose 7%, Advanced Micro Devices Inc added 2.57%, NIO Inc fell 1%, Fort Motor CO added 0.5%, and SoFi Technologies Inc fell 2.3%.
Among major gainers, Knightscope Inc added 175.6%, Yoshitsu Co added 33.3%, Mawson Infrastructure Group Inc added 24.1%, Dave Inc added 23.67%, and Provention Bio Inc added 22.3%.
Among major decliners, Williams Industrial Services Group Inc. declined 31.37%, Volcon Inc. fell 21.16%, DouYu International Holdings fell 19.05%, Qurate Retail Inc fell 14.55%, and iClick Interactive Asia Group fell 12.96%.
Tech giant Apple shares surged 7% after reporting better than expected quarterly results, thanks to record iPhone sales.
Credit card giant Visa shares also moved sharply higher after reporting fiscal first quarter results that exceeded market expectation on the top and bottom lines, driven by increased spending on international travel and e-commerce.
On the other hand, shares of Chevron came under pressure after the energy giant reported weaker than expected fourth quarter earnings.
Caterpillar also moved notably lower as supply chain concerns overshadow the construction equipment maker's better than expected quarterly results.
ECONOMIC NEWS: The Commerce Department's reading on inflation showed that the annual rate of core consumer price growth accelerated to 4.9% in December, reaching the highest level since September 1983. At the same time, the report also showed personal spending fell by 0.6% in December after rising by 0.4% in November.
Among Indian ADR, ICICI Bank rose 0.67% to $21.02, Tata Motors added 0.2% to $32.77, INFOSYS added 3.9% to $22.66, Wipro added 4.66% to $7.41, Dr Reddys Labs grew 1.1% to $55.95, HDFC Bank added 1.05% to $65.46, and WNS Holdings added 2.5% to $83.96. Azure Power Global fell 2.65% to $13.25.
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