Major Wall Street indices soared on Thursday as investors and traders began digesting the possibility the Federal Reserve's aggressive rate hike campaign is nearing its end. The Nasdaq Composite closed Thursday's session 1.15% higher while the S&P 500 gained 1.22% to hit their 14-month highs.

Ross Gerber, President and CEO of Gerber Kawasaki Inc., believes the market has factored-in that the economy will not tip into a recession. "Rally rally as the new bull market gores more bears. Market is saying no recession and the Fed is done. The fed knows that higher rates will only kill more banks… you could see it in Powell’s face…," he said in his tweet.

Economic Data: Following the rate hike pause by the Fed, economic data released Thursday also helped lift market sentiment. The number of Americans applying for unemployment benefits increased by 262,000, in the week ending June 10, flat from a revised higher 262,000 the previous week and more than the projected 249,000, according to the U.S. Department of Labor. This strengthened the argument against the central bank raising rates going ahead.

After hitting the highs of 4.8% earlier this week, the 2-year treasury yield fell to as low as 4.63% before settling in at 4.66% on Thursday. The iShares 1-3 Year Treasury Bond ETF (NASDAQ:SHY) gained 0.21% on Thursday while the Vanguard Short-Term Treasury Index Fund ETF (NASDAQ:VGSH) rose 0.19%, according to Benzinga Pro.