U.S. stocks move higher, led by health sector gains

U.S. stocks notched their biggest gains in a week, pushing the Nasdaq composite index to an all-time high.

The Nasdaq composite gained 68 points, or 1.3 percent, to 5,132. That surpassed a previous record close say May 27. The Dow Jones industrial average climbed 180 points, or 1 percent, to 18,115 on Thursday. The Standard & Poor's 500 index rose 20 points, or 1 percent, to 2,121.

The rally came a day after the Federal Reserve said that it needed to see more improvement in the economy before raising its benchmark interest rate. Low rates have supported a six-year rally in stocks.

Bonds edged lower, pushing the yield on the benchmark 10-year Treasury note up to 2.33 percent from 2.32 percent late Wednesday.

The central bank said Wednesday that it wants to see further economic gains and higher inflation before raising interest rates from record lows. The policymakers, while noting a strengthening economy, sharply lowered their estimate of growth this year, from a range of 2.3 percent to 2.7 percent estimated in March to a range of 1.8 percent to 2 percent. While investors welcome news of a delayed rate increase, the lower forecasts could dampen earnings expectations.

Investors were monitoring events in Europe, where Greece and its international lenders are deadlocked in bailout talks. Greece needs more loans from its creditors before June 30, when its current bailout program expires and a 1.6 billion euro ($1.8 billion) debt repayment is due. Greece and its creditors blame one another for an impasse in the talks. A default could result in Greece leaving the euro currency bloc, dealing a blow to the project.