NEW YORK (AP) — Wall Street roared higher, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates.

The S&P 500 jumped 1.9% Thursday. The Dow added 564 points, and the Nasdaq composite climbed 1.8%.

Stocks around the world leaped after the Federal Reserve late Wednesday hinted that a recent jump in Treasury yields may be acting like a rate-hike substitute.

The 10-year yield fell further Thursday, releasing pressure that had built on Wall Street.

Reports on the U.S. economy also offered hope for momentum pulling down on inflation.