Markets rise, S&P 500 hits record high on hopes for more accomodative monetary policy

Markets rose on Thursday.

The S&P 500 rose 0.9 percent to a record high, the STOXX Europe 600 rose 0.4 percent and the Nikkei 225 rose 0.6 percent.

Oil prices surged. West Texas Intermediate crude jumped 5.4 percent and Brent rose 4.3 percent.

Markets rallied after the Federal Reserve removed the word “patient” from its latest monetary policy statement on Wednesday and Fed Chairman Jerome Powell told a press conference that “the case for somewhat more accommodative policy has strengthened”.

Elsewhere, the Bank of Japan also indicated on Thursday a readiness to increase monetary stimulus while the Bank of England cut its UK second quarter growth forecast to zero.