Stocks rallied on Wall Street late Thursday reaching the highest levels in years following the Federal Reserve's announcement of a new bond-buying program. The Dow Jones industrial average jumped 207 points, or 1.6 percent, while the Nasdaq rose 1.3 percent and the SP 500 gained 1.6 percent. The day's gains pushed the Dow and SP 500 to their highest closing levels since December 2007, while the tech-heavy Nasdaq finished at its highest level since November 2000. Federal Reserve's fresh dose of monetary stimulus would improve economic growth. The U.S. central bank initiated another aggressive stimulus program, saying it will buy USD 40 billion of mortgage-backed debt per month until the outlook for jobs improves substantially as long as inflation remains contained. Analysts said the Fed's move would have wide-reaching impact and was part of a global shift toward extra monetary stimulus.