US: Stocks rally on hopes for stimulus, dovish Federal Reserve

The broad-based S&P 500 rose 1.2 per cent to close at 2,923.64, while the tech-rich Nasdaq Composite Index advanced 1.4 per cent to 8,002.81.

Nate Thooft of Manulife Asset Management, said stocks were oversold following that rout and investors were optimistic that Federal Reserve Chair Jay Powell will adopt a dovish tone Friday in a closely-watched speech at an influential central banking conference in Jackson Hole, Wyoming. Among individual companies, Apple rose 1.9 per cent after Mr Trump said Apple Chief Executive Tim Cook made a persuasive argument against tariffs on Apple goods made in China in light of its rivalry with South Korean company Samsung.

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