U.S. stocks moved higher in early trading Thursday, extending gains a day after the Federal Reserve left interest rates unchanged from historically low levels. Health care stocks were among the biggest gainers.
KEEPING SCORE: The Dow Jones industrial average rose 156 points, or 0.9 percent, to 18,091 at 10:14 a.m. Eastern Time. The Standard & Poor’s 500 index added 15 points, or 0.8 percent, to 2,116. The Nasdaq composite gained 54 points, or 1 percent, to 5,119.
GROCERY STANDOUT: Kroger gained 1.6 percent after the supermarket operator’s latest quarterly result beat expectations. The company also delivered an upgraded sales forecast. Shares rose $1.14 to $74.05.
DOLLAR EFFECT: Shares in Oracle sank 8.2 percent a day after the software company reported earnings that fell short of analysts’ expectations. Oracle said that the stronger dollar continued to hurt its earnings. The stock fell $3.67 to $41.25.
THE FED: The central bank said Wednesday that it wants to see further economic gains and higher inflation before raising interest rates from record lows. The policymakers, while noting a strengthening economy, sharply lowered their estimate of growth this year, from a range of 2.3 percent to 2.7 percent estimated in March to a range of 1.8 percent to 2 percent. While investors welcome news of a delayed rate increase, the lower forecasts could dampen earnings expectations.
