Stocks Opened Higher as Fed Inspired Risk Taking

U.S. stocks opened higher on Thursday, after the U.S. Federal Reserve refrained from raising interest rates and said it needs more evidence of a stronger economy before it tightens policy. The Dow Jones Industrial Average lately rose 147.04 points, or 0.80%, to 18,440.74. The S&P 500 rose 14.91 points, or 0.69%, to 2,178.03. The Nasdaq Composite rose 30.28 points, or 0.57%, to 5,325.46.

The number of Americans filing for unemployment benefits unexpectedly fell last week to a two-month low, pointing to labor market strength that could pave the way for the Federal Reserve to raise interest rates by December. Initial claims for state unemployment benefits declined 8,000 to a seasonally adjusted 252,000 for the week ended Sept. 17, the Labor Department said on Thursday,

Crude oil futures made gains in early Asia trade Thursday thanks to a third consecutive week of a drawdown in U.S. crude inventories. Light, sweet crude futures for delivery in November traded at $45.82 a barrel, up $0.48, or 1%. November Brent crude rose $0.50, or 1%, to $47.33 a barrel.

Gold futures aimed for a fourth-straight advance Thursday amid the Federal Reserve’s reluctance to lift interest rates and its emphasis on a gradual path toward normalizing monetary policy at its most recent meeting. Early Thursday, December gold rose $7.10, or 0.5%, to $1,338.50 an ounce.