NEW YORK (Reuters) - U.S. stocks rose 1 percent on Thursday, rallying in a volatile session in the wake of comments from William Dudley, head of the New York Federal Reserve.
Dudley said the Fed's asset purchases would be more aggressive than the timeline Chairman Ben Bernanke outlined last week if U.S. economic growth and the labor market turn out weaker than expected.
Equities initially pared their gains after the comments before climbing again.
The Dow Jones industrial average was up 157.15 points, or 1.05 percent, at 15,067.29. The Standard & Poor's 500 Index was up 16.34 points, or 1.02 percent, at 1,619.60. The Nasdaq Composite Index was up 35.84 points, or 1.06 percent, at 3,412.07.
(Reporting by Ryan Vlastelica; Editing by Bernadette Baum)