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Major indexes of the U.S. stocks gained more than two percent, and the Dow Jones industrial average surged nearly 169 points to the highest close since February 9.
The Fed concluded its two-day monetary policy meeting on Wednesday afternoon and said in a statement that while the U.S. economy is still contracting, the pace of decline "appears to be somewhat slower." The Fed also decided to leave key interest rates at near-zero level.
Investors also reacted positively to the worse-than-expected gross domestic product report, focusing on the bright spots. U.S. GDP shrank at an annual rate of 6.1 percent in the first quarter, more than the five percent slide economists had expected. But consumer spending, which accounts for over two-thirds of U.S. economic activity, rose 2.2 percent, and business inventories saw a severe drop.
Elsewhere, Exxon Mobil Corp., the world's largest oil company, and Conoco Phillips advanced as crude rebounded near 51 dollars a barrel. And Citigroup Inc. and Bank of America gained as Fox-Pitt Kelton Cochran Caronia Waller lifted its stance on U.S. banks.
The Dow Jones jumped 168.78, or 2.11 percent, to 8,185.73. Broader indexes also moved higher. The Standard & Poor's 500 index advanced 18.48, or 2.16 percent, to 873.64; and the Nasdaq rallied38.13, or 2.28 percent, to 1,711.94.