S&P Jumps on Fed Stance

Stocks rose Thursday as investors looked ahead to more corporate earnings and a key labor report set for later in the week.

The Dow Jones Industrials leaped 149.79 points to pause for lunch Thursday at 38,053.05.

The S&P 500 forged ahead 19.85 points to 5,038.24.

The NASDAQ zoomed 125.22 points to 15,730.70.

Chipmaker Qualcomm rose 9% on better-than-expected earnings and strong revenue guidance. Restaurant delivery service DoorDash dropped 13% after reporting a wider loss per share than Wall Street forecast. Used car retailer Carvana soared 34% after reporting its best-ever earnings after the bell Wednesday.

Those moves followed a choppy day on Wall Street as investors reacted to the Federal Reserve’s decision to keep interest rates unchanged.

In the closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike as the central bank’s next move, despite few recent signs of easing inflation.

Thursday’s quarterly earnings reports are dominated by Apple and Amgen after the close, alongside Coinbase and DraftKings

Prices for the 10-year Treasury gained ground, lowering yields to 4.59% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.

Oil prices fell 23 cents to $78.77 U.S. a barrel.

Gold prices slid $1.40 to $2,309.60.