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Nasdaq surged by 285.99 points (1.5%) to 19,269.46 while the S&P 500 climbed 44.06 points (0.7%) to 5,973.10.

Trump's policies are expected to be positive for corporations and the U.S. economy, although there are some concerns about the effect planned tariff increases will have on inflation. Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point from 4.75% to 4.50% due to the reason labor market conditions have generally eased, while inflation continues to make progress towards its 2% objective.

However, the Fed said the risks to achieving its dual goals of maximum employment and inflation at the rate of 2% over the longer run are roughly in balance. In considering future adjustments to rates, the central bank said it will continue to carefully assess incoming data, the evolving outlook, and the balance of risks. Fed Chair Jerome Powell also said the Fed is well positioned to deal with the risks to both sides of its dual mandate, noting the it can cut rates more slowly or more quickly depending on the economic developments.

Semiconductor stocks spiked further over the two previous sessions, driving the Philadelphia Semiconductor Index up by 2.3%. Considerable strength was also visible among software stocks, as reflected by the 1.9 jump by the Dow Jones U.S. Software Index.

Gold stocks displayed a sharp increase moving notably higher along with retail and commercial real estate stocks. Banking stocks pulled back sharply after Wednesday's spike, dragging the KBW Bank Index down by 2.7%. Telecom, oil service and brokerage stocks also gave back ground.

Asia Pacific stocks turned in another mixed performance. Japan's Nikkei 225 Index fell by 0.3%, Hong Kong's Hang Seng Index shot up by 2% and China's Shanghai Composite Index spiked by 2.6%. Meanwhile, European stocks moved mostly higher on the day. The German DAX Index surged by 1.7% and the French CAC 40 Index advanced by 0.8% although the U.K.'s FTSE 100 Index bucked the uptrend and declined by 0.3%.

In the bond market, treasuries saw a notable rebound following the sell-off seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 8.5 bps to 4.34%.