U.S. stocks surged overnight, with Dow and S&P 500 closing at new highs, after the Federal Reserve moved to cut stimulus on expectation that labor market will continue to improve; vowing to keep interest rates low.
Dow Jones Industrial Average rallied 292.71 points, or 1.8 percent, at 16,167.97, surpassing its November 27 record.
S&P 500 rose 29.65 points, or 1.7 per cent, to 1,810.65, also a record finish. Healthcare stocks led gains that included all 10 of S&P 500's major sectors.
Nasdaq surged 46.38 points, or 1.2 per cent, to 4,070.06, closing at a 13-year high.