NEW YORK (TheStreet) -- Benchmark indexes were hovering at session highs with high-momentum tech stocks leading gains. The Federal Reserve kicked off a marketwide rally on Wednesday after it assured markets it would be "patient" in determining when to raise rates.
The S&P 500 was up 1.8%, the Dow Jones Industrial Average surged 300 points, and the Nasdaq spiked 1.9%. A day earlier, the S&P and Dow posted their strongest percentage gains of the year.
Tech giants such as Apple (AAPL) , Tesla (TSLA) and Facebook (FB) moved significantly higher, while the Technology SPDR ETF (XLK) surged 2.2%. Oracle (ORCL) was pulling enterprise software developers higher following a better-than-expected second quarter. Microsoft (MSFT) , Hewlett-Packard (HPQ) and Intel (INTC) jumped.
The Fed's pledge for patience in raising rates on Wednesday infused markets with new vigor on Thursday. Fed Chair Janet Yellen said the central bank would likely not increase rates for at least the next couple of meetings.
"It's really reconfirmation that they plan on starting to raise rates midway through next year... barring some big setback in either the labor market or the economy," said Chris Gaffney, senior market strategist at EverBank, in a call.