BUSINESS

Dow jumps as much as 300 after Fed promises patience in determining when to raise rates

12/17/2014 02:25 EST | Updated 02/16/2015 05:59 EST
NEW YORK, N.Y. - The Dow Jones industrial average surged as much as 300 points after the Federal Reserve signalled it was edging closer to raising interest rates because of a strengthening U.S. economy, but promised to be "patient" in its approach.

The Fed says this approach is consistent with what it called its "previous" guidance that it expected to keep the rate near zero for a "considerable time."

The Dow was up 255 points, or 1.5 per cent, to 17,324 as of 2:22 p.m. Eastern time Thursday. It rose as much as 303 points shortly after the announcement.

The Fed gave no specific guidance on when the first rate hike might occur.