Wednesday woke to renewed optimism amongst traders as both the Dow Jones Industrial Average and NASDAQ composite gained points to climb 0.3 per cent each. The gain follows lowered threat of inflation as wholesale goods prices in February fell to a seven month low.

Standard and Poor's 500 share index's 0.4 per cent increase was led by its energy and materials sectors and only health care and utilities failing to partake of the good cheer.

The Federal Reserve's decision to continue keeping the interest rates 'exceptionally low' for an 'extended period' were in part helped by a positive report on the wholesale consumer prices inflation situation. This in turn lifted the S&P 500 and the Nasdaq composite to their highest levels in more than a year and a half.

"The trend does continue higher. We have seen a nice stealth rally from the lows of the first week of February but on very subdued volume levels", averred Peter Kenny, managing director at Knight Capital Group.

With the crude oil at just above $82 a barrel the OPEC announced its decision to stick to current supply levels at its recent meeting.