By Fortune
December 18, 2014

U.S. stock indexes surged Thursday, with the Dow rallying over 400 points, driven higher by reassurances from the Federal Reserve that it won’t imminently raise interest rates.

The broad S&P 500 index posted its biggest jump in nearly two years, extending a Fed-fueled rally from the previous day, as tech shares gained after stronger-than-expected results from business software giant Oracle.

The Dow Industrials also posted big gains following a rally in the prior trading session, marking the biggest two-session percent increase for blue-chip index since November 2011, according to The Wall Street Journal.

The Dow Jones industrial average closed the day up 421 points, or 2.4%, while the S&P 500 gained 48 points, or 2.4%, and the Nasdaq composite added 104 points, or 2.2%.

Stock indexes rallied as investors continued to find good cheer in the Federal Reserve’s accommodative approach to monetary policy. On Wednesday, the Fed said it would be patient about the timing of its first rate hike, suggesting its expected increases will be slow and steady.

—Reuters contributed to this report.

This article originally appeared on Fortune.com

Contact us at editors@time.com.

SPONSORED FINANCIAL CONTENT

Read More From TIME

EDIT POST