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Stocks rally and dollar drop on hopes Fed rates have peaked

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Stocks and oil prices rose while the dollar weakened Thursday as a much-needed burst of confidence flows across world markets after the Federal Reserve hinted it has come to the end of its long-running interest rate hiking cycle.

Global traders are in a bullish mood after the Federal Reserve's latest meeting. Photo: CHRIS HONDROS / GETTY IMAGES NORTH AMERICA/Getty Images via AFPAsian traders picked up the baton from their Wall Street counterparts, who welcomed what was seen as a dovish stance by the central bank and its governor, while data suggesting its tightening measures were taking hold provided extra support.

Analysts said Powell's use of"financial" was significant, as it acknowledged that it was not just credit that was tightening, with surging Treasury yields being seen as financial markets helping the Fed do its heavy lifting. All three main indexes rallied in New York, with the Nasdaq and S&P 500 up more than one percent as below-forecast jobs growth and manufacturing activity were cheered as a sign that theHong Kong, Tokyo, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington were all sharply higher.

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