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US stocks open higher, building on Fed gains

The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew) The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)

By Associated Press December 18, 2014 1 min read

NEW YORK (AP) – The U.S. stock market is opening sharply higher, building on gains from the day before after the Federal Reserve indicated it was in no rush to raise interest rates.

The market is coming off its biggest one-day rise since October 2013.

The Dow Jones industrial average rose 224 points, or 1.3 percent, to 17,580 as of 9:35 a.m. Eastern time Thursday.

The Standard & Poor’s 500 gained 26 points, or 1.3 percent, to 2,039.

The Nasdaq climbed 56 points, or 1.2 percent, to 4,700.

Energy shares rose the most as oil gained.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 percent.