U.S. stocks traded slightly higher on Thursday, attempting to extend the prior day's gains on stabilising oil prices and a less aggressive than expected Federal Reserve. The Nasdaq composite traded within a quarter percent of its all-time intraday high. The Dow Jones industrial average and S&P 500 traded within 1 percent of their records. "The market saw a bullish reaction to the Fed's announcement yesterday, allowing the S&P futures to clear intraday resistance. The ratio of up- to down-volume was better than 5-to-1, setting the stage for upside follow-through today," Katie Stockton, chief technical strategist at BTIG, said in a note. However, she still expects stocks to remain in "pullback-mode until short-term momentum improves." U.S. crude oil futures reversed earlier gains to trade slightly lower below $49 a barrel. WTI snapped a seven-day losing streak Wednesday after weekly inventory data showed a drawdown in stockpiles. The Federal Reserve raised interest rates as expected and continued to signal two additional hikes this year. Policymakers said inflation should now "stabilize" around 2 percent and they would continue to monitor developments relative to the Fed's "symmetric" inflation goal. Markets had generally expected indication of more aggressive tightening. U.S. stocks closed higher Wednesday, with the Nasdaq 100 at a record. Stock index futures held higher after a slew of Thursday morning economic reports. The January Job Openings and Labor Turnover Survey is due for release later in the morning. Weekly initial jobless claims fell to 241,000. Housing starts rose in February to a seasonally adjusted annual rate of 1.288 million, more than expected. The Philly Fed Index also topped forecasts at 32.8 for March. Treasury yields edged higher, steadying after a drop Wednesday afternoon. The 2-year yield was last near 1.32 percent and the 10-year yield traded around 2.53 percent. The U.S. dollar index traded slightly lower, with the euro around $1.073 and the yen near 113.3. The euro topped $1.07 late Wednesday after the Dutch election gave Prime Minister Mark Rutte a victory over populist rival Geert Wilders. Overseas, the STOXX Europe 600 traded more than half a percent higher. The Shanghai composite rose 0.8 percent and the Hang Seng jumped nearly 2.1 percent. The Nikkei 225 closed 0.07 percent higher. In morning trade, the Dow Jones industrial average rose 29 points, or 0.14 percent, to 20,973. IBM contributed the most to gains, while Chevron and Johnson & Johnson had the greatest negative impact. The S&P 500 added 1 point, or 0.04 percent, to 2,386. Tech led five sectors higher, while utilities was the greatest laggard. The Nasdaq composite gained 7 points, or 0.14 percent, to 5,908. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.3. About two stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 47 million and a composite volume of 108 million in morning trade. U.S. crude oil futures for April delivery fell 0.14 percent to trade near $48.80 a barrel on the New York Mercantile Exchange. Gold futures rose $30.70 to $1,231.40 an ounce. Source: CNBC
