Wall Street advances; Dow up 190 pts

Fed's 25 basis point cut doesn't keep Wall Street jittery for too long. Stocks on yesterday rise to the highest level since January after a rally in dollar and strong technology earnings.

US markets on Thursday overcame Wednesday's Fed jitters. After the central bank cut key rates by 25 basis points, Fed Funds rate is now at 2% and discount rate at 2.25%.

Wall Street on Thursday rose to the highest level since January mainly on the back of better than expected earnings and healthy economic reports. Apple and Intel led the technology surge.

In economic news, The Institute for Supply Management said its manufacturing index was 48.6 in March, which is higher than the reading of 48. Initial jobless claims rose by 35,000.

Personal spending in March rose 0.4%, twice as much as expected, and income climbed 0.3%.

The Dow gained 189.87 points, or 1.48%, to 13,010. The Standard & Poor's 500 index advanced 23.75 points, or 1.71%, to 1,409.34. The Nasdaq composite index surged 67.91 points, or 2.81%, to 2,480.71.

A look at how the Indian ADRs performed: