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Stocks on Wall Street rose to build on a record-setting rally as relieved investors continued to celebrate the Federal Reserve's signals it will delay but not slow rate cuts.

The S&P 500 (^GSPC) rose 0.3%, finishing at a fresh high of 5,241. The Dow Jones Industrial Average (^DJI) gained roughly 275 points or 0.7% to creep closer to the 40,000 mark, while the tech-heavy Nasdaq Composite (^IXIC) moved up 0.2%.

The stock indexes had closed Wednesday at all-time highs after the Fed put to rest investors' worries that coming cuts to borrowing costs would be less deep than forecast. Policymakers stuck to their outlook for three rate cuts in 2024, despite sticky inflation data that might have led to a scaling-back in easing.

A sea of green for stocks worldwide followed the "dot plot" forecasts and Chair Jerome Powell's lack of alarm over the Fed reaching its inflation goal. Gold (GC=F) jumped to a record above $2,200 an ounce.

With six weeks until the next Fed policy meeting in May, other drivers for stocks are now likely to come into focus. While AI growth hopes have provided a boost to techs, there were signs of broadening in the market's relief rally.

Elsewhere, the Swiss National Bank stole a march on the Fed by lowering interest rates on Thursday. The surprise move made it the first central bank to pull back and was seen as boosting confidence that tightening has peaked in leading economies.

On the corporate front, investors were keeping a close eye on Reddit (RDDT)'s debut on the NYSE on Thursday. The social media platform jumped nearly 50% from its $34 per share IPO price.

Meanwhile, Apple (AAPL) shares sank more than 4% after the iPhone maker was hit with an anti-trust lawsuit from the Department of Justice.

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