Nasdaq hits fresh record as Fed effect boosts US stocks

 People walking past the Nasdaq MarketSite in New York's Times Square. The Nasdaq surged to its second straight record on Thursday (Sept 22).
People walking past the Nasdaq MarketSite in New York's Times Square. The Nasdaq surged to its second straight record on Thursday (Sept 22). PHOTO: AFP

NEW YORK (AFP) - The Nasdaq surged to its second straight record on Thursday (Sept 22) as US stocks again posted strong gains following the Federal Reserve's decision to keep interest rates low.

Apple jumped 0.9 per cent and Amazon 1.9 per cent, two of the big technology equities that helped lift the Nasdaq to 5,339.52, up 0.8 per cent after also hitting a new high on Wednesday.

The Dow Jones Industrial Average finished up 0.5 per cent at 18,392.46, while the broad-based S&P 500 gained 0.7 per cent to 2,177.18.

"This is a continuation triggered by the Fed meeting," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

"Investors are quite convinced that there will be, at most, one rate hike this year and most likely in December."