US stocks extend rally as bond yields retreat

The broad-based S&P 500 gained 1.2 percent to 4,287.20, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 13,243.00.

Wall Street stocks advanced early Thursday, extending the week's rally as US Treasury bond yields retreated following the latest Federal Reserve decision.

The Fed, as expected, on Wednesday kept interest rates level for the second straight time.

While the central bank signaled it could hike interest rates again down the road, the market "thinks that is empty lip service that won't ultimately translate into an actual rate-hike action," said Briefing.com analyst Patrick O'Hare.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 33,525.31.

The broad-based S&P 500 gained 1.2 percent to 4,287.20, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 13,243.00.

Among individual companies, Starbucks surged about 10 percent after reporting a 12 percent jump in quarterly revenues to $6.9 billion after opening 816 new stores in the period.

Food giant Mondelez advanced 2.2 percent as it lifted its full-year forecast following higher quarterly sales and profits.

Markets are looking ahead to Apple earnings later Thursday and the October jobs report on Friday.