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Stocks cheer Fed; best 2 days of 2014 for Dow, S&P

Kate Gibson | @CNBCKateGibson

3 Hours AgoCNBC.com


U.S. stocks rallied on Thursday, with the Dow industrials climbing more than 400 points for the first time in three years, as investors applauded the Federal Reserve's pledge that it would be patient in increasing interest rates.

"You've got people that have underperformed that don't want to be left behind. I didn't understand why falling oil is bad for the stock market so I think part is the reversal of that," said James Paulson, chief investment strategist at Wells Capital Management.