World stock markets have rallied after the US Federal Reserve signalled interest rates would not be rising anytime soon despite an improving economy.
US stocks enjoyed their strongest session of the year following three days of declines when the Fed said it would adopt a "patient" approach to rates - ending fears among investors of an increase in borrowing costs as soon as the spring.
Asian markets also rallied while European stocks followed suit though there was more caution ahead of a speech by under-pressure Russian president Vladimir Putin.
Fed chair Janet Yellen remained upbeat in her commentary surrounding the world economy despite the currency turmoil in Russia amid a downward spiral in world oil prices, low global inflation and general economic weakness - particularly in the eurozone.
But she stressed that the mention of patience was not a change in policy.
Ms Yellen said: "This new language does not represent a change in our policy intentions and is fully consistent with our previous guidance, which stated that it likely will be appropriate to maintain the current starting range for the federal funds rate for a considerable time after the end of our asset-purchase programme.
"But with that programme having ended in October and the economy continuing to make progress toward our objectives, the committee judged that some modifications for guidance is appropriate at this time.
"Employment is rising at a healthy rate and the US economy is strengthening," she added while noting: "There is room for further improvement."
US commentators had believed that better economic indicators, especially within the jobs market, could tip the Fed to begin rate rises as early as March.
But the jitters of recent days were cast aside following Ms Yellen's comments as the Dow Jones added 1.7%, the tech-heavy Nasdaq 2.1%.
In Asia, Japan's Nikkei jumped 2.3% while stocks in Australia climbed 1.8% for their best day since late 2013.
In commodity markets, oil prices steadied after some wild swings this week.
US crude rose 16 cents while Brent Crude was trading above $61-per-barrel.
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