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Stocks Rally as 2015 Rate Hike Appears More Remote

NEW YORK (TheStreet) -- Wall Street appears to have decided that an interest rate hike isn't coming this year.

And the market likes it -- at least for now.

The S&P 500 closed up 1.5% on Thursday, the Dow Jones Industrial Average added 1.3%, and the Nasdaq gained 1.8%.

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Global markets also rallied on the likelihood the Federal Reserve won't make a move on rates until next year.

"Financial markets continue to be dominated by speculation over the timing of Fed rate hikes and concerns over the health of the global economy," said David Folkerts-Landau, group chief economist at Deutsche Bank. "Risk assets have rallied in recent weeks as markets have pushed back the timing of the first Fed hike... While a continuation of recent gains is possible...