U.S. stocks surged on Thursday, extending Wall Street’s best day of the year, after the Federal Reserve said it would be patient in increasing interest rates.
“The reality is markets were hit with we’re not sure what’s happening and why, as oil has been acting as something akin to a global interest rate. The good news is the Fed is aware of what is going on, and they want to be friendly, so people are hopefully in better cheer,” said Jack Caffrey, equity portfolio manager at J.P. Morgan.
“Seasonally it’s a time of good flows into equities. If anything, seasonally the behavior over the last two weeks was an anomaly,” said Caffrey of the market’s recent slide. The CBOE Volatility Index, a measure of investor uncertainty, fell 8.7 percent to 17.74.