Wall Street had a surge of optimism today, sending stocks higher after investors interpreted a Federal Reserve report on the economy as a sign that the Fed’s year-long string of interest rate hikes may be nearing an end.

Delta Air Lines said today that although its first-quarter net loss narrowed from a year ago, it was disappointed with the figure and said that rising jet fuel costs had taken a toll.

The Nasdaq composite index notched its best advance in nearly five months today as a recovery in the dollar motivated US investors to pick up shares following two weeks of declines.