The three major U.S. indices rallied to new 2010 highs on Wednesday, with the Dow Jones Industrial Average finally surpassing its January 19 peak.
The Dow closed up 47.69 points, or 0.45 percent, at 10,733.67. The S&P 500 closed up 6.75 points, or 0.58 percent, at 1,166.21. The Nasdaq Composite closed up 0.47 percent.
The leading components of the Dow Jones Industrial Average include Bank of America (NYSE:BAC), up 1.41 percent, JPMorgan Chase (NYSE:JPM), up 1.27 percent, Exxon Mobil (NYSE:XOM), up 1.19 percent, and Chevron (NYSE:CVX), up 0.93 percent.
Energy and financial stocks gained on easy monetary policy and rising oil prices.
The Federal Reserve on Tuesday left interest rates unchanged and said it expected to keep the rate low for an extended period.
On Wednesday, the Bank of Japan followed suit, leaving its rate unchanged and also doubling its bank loan program to $220 billion.
The dovish stance by the two central banks lifted global stock markets, pushed down the U.S. dollar, and boosted commodities prices.
Oil, whose NYMEX April futures gained 1.24 percent, received additional boost on Wednesday as OPEC announced no increase to its production ceiling.
The Energy Information Administration also reported that U.S. oil inventories increased 1 million barrels last week while analysts polled by Platts expected a 1.9 million increase.
The report also showed that for the week ending on March 12, demand for petroleum products increased 3.5 percent from the same period last year.