US indexes move sharply higher as market builds on Fed gains; Oracle leads tech rally

The U.S. stock market is moving sharply higher, building on gains from the day before after the Federal Reserve indicated it was in no rush to raise interest rates.

Oracle led a rally in technology shares in midday trading Thursday after the business software maker reported earnings that were better than expected.

Energy stocks lagged the market as the price of crude oil turned lower after an early gain.

The Dow Jones industrial average rose 243 points, or 1.4 percent, to 17,604 as of 11:45 a.m. Eastern time Thursday.

The Standard & Poor's 500 gained 26 points, or 1.3 percent, to 2,039.

The Nasdaq climbed 69 points, or 1.5 percent, to 4,714.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 percent.