Microsoft drives tech rally; Wall Street up almost 2 percent

Stocks also got a boost from weak fourth-quarter U.S. GDP data, which bolstered arguments that the Federal Reserve might go slower than expected on future rate hikes. While the Fed has not ruled out a rate hike in March, many investors believe recent global economic and financial turmoil may lead it to wait. Japan's central bank cut a benchmark rate below zero to stimulate its economy, a surprise move that boosted global equities.