US stocks moved sharply higher on Wall Street today on strong earnings from Time Warner and declining oil prices.

Disappointed investors sent stocks tumbling today after the Federal Reserve said it would keep to its policy of raising interest rates at a ”measured” pace.

Wall Street dipped today as disappointing sales at Wal-Mart Stores, owners of Asda, chilled the retailing sector and eroded early gains following the weekend capture of fallen Iraqi leader Saddam Hussein.