WALL Street last week staged its first broad-based rally since mid-January, reaching record levels as fears of an immediate interest rate rise abated. The Dow Jones Industrial Average and most other market indices finished the week in record territory for the first time since the week ended January 17. Wall Street breathed a sigh of relief on Tuesday when the Federal Reserve concluded its anxiously awaited policy meeting without making any change in short-term interest rates. But the relief rally faltered the next day as some market participants worried that the Fed remained intent on tightening credit conditions. The market got over its hesitation late on Thursday when the Federal Open Market Committee (FOMC), the Fed's policy-setting arm, released minutes of its March 25 meeting. Hugh Johnson, head of the investment policy committee at First Albany Corp, said the minutes of the Fed meeting, combined with the recent spate of economic indicators showing the economy had slowed in the second quarter, 'helped ease fears of another rate rise'. The minutes showed that although the FOMC voted unanimously to raise rates by one-quarter percentage point on March 25, it also changed its bias to 'neutral'. For the week, the Dow Jones Industrial Average - which rose 25.14 points, or 0.35 per cent, last week - jumped 151.24 points, or 2.10 per cent, to a record 7,345.91. The broader indices also ended the week at record levels. The New York Stock Exchange composite index, which rose 3.21 points last week, advanced 7.84 to 440.28, while the Standard & Poor's 500 Index jumped 17.28 points to 847.03 after rising 4.97 last week. The technology-weighted Nasdaq Composite Index also reached a new high. It jumped 48.99 points or 3.65 per cent to 1,389.72 after rising 5.68 points or 0.42 per cent last week. The American Stock Exchange Composite Index, which jumped 12.94 points a week ago, lifted 11.22 to 597.94.