Stocks rally after Fed, US data; yen strengthens

NEW YORK, May 2 - A gauge of global stocks climbed on Thursday after the Federal Reserve indicated it was keeping a dovish tilt, while the yen retreated after another suspected round of intervention by the Bank of Japan.

The U.S. central bank also said it would slow the speed of its balance sheet drawdown starting on June 1 to ensure this process does not create undue stress in financial markets. "Jobless claims at 208,000 today help affirm that but the labor market report tomorrow will be the big one and affirm the Fed's view of how strong is strong."

The Dow Jones Industrial Average , opens new tab rose 318.95 points, or 0.84%, to 38,222.24, the S&P 500 , opens new tab gained 44.61 points, or 0.89%, to 5,063.00 and the Nasdaq Composite , opens new tab gained 224.34 points, or 1.44%, to 15,829.82. The Japanese yen also remained in focus, as another round of intervention in the currency was suspected shortly after Powell had finished speaking, the second such event this week.

U.S. Treasury yields were choppy in the wake of the Fed and economic data, as the yield on benchmark U.S. 10-year notes fell 1.8 basis points to 4.573%, from 4.591% late on Wednesday. The 2-year note yield, which typically moves in step with interest rate expectations, fell 5.2 basis points to 4.8872%, from 4.939%

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