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Stocks on Wall Street rose to build on a recordsetting rally on Thursday as relieved investors continued to celebrate the Federal Reserve's signals it will delay but not slow rate cuts.

The S&P 500 (^GSPC) rose 0.5%, surpassing 5,250. The Dow Jones Industrial Average (^DJI) gained roughly 300 points or 0.5% to creep closer to the 40,000 mark, while the techheavy Nasdaq Composite (^IXIC) moved up 0.6%.

The stock indexes closed Wednesday at alltime highs after the Fed put to rest investors' worries that coming cuts to borrowing costs would be less deep than forecast. Policymakers stuck to their outlook for three rate cuts in 2024, despite sticky inflation data that might have led to a scalingback in easing.

A sea of green for stocks worldwide followed the "dot plot" forecasts and Chair Jerome Powell's lack of alarm over the Fed reaching its inflation goal. Gold (GC=F) jumped to a record above $2,200 an ounce.

With six weeks until the next Fed policy meeting in May, other drivers for stocks are now likely to come into focus. While AI growth hopes have provided a boost to techs, there were signs of broadening in the market's relief rally.

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