LONDON (AP) — Investors around the world were largely unfazed Thursday by the surprise decision by the U.S. Federal Reserve to reduce its monetary stimulus. Most breathed a sigh of relief that the decision was accompanied by a commitment to low interest rates for a while yet.

In fact, stocks in Europe and a number of markets in Asia followed the U.S.'s lead — the S&P 500 closed at a record high Wednesday — and recorded strong gains. The dollar is also solid, having recouped some recent losses, particularly against the euro, in the aftermath of the Fed's decision. However, jitters over the impact on emerging economies kept some markets in check.

After months of speculation that it was about to embark on so-called "tapering," the Fed finally began to end its latest asset-purchase program. Policymakers decided to cut $5 billion each from the Fed's monthly purchases of U.S. Treasurys and mortgage backed securities. It also said it "will likely reduce the pace of asset purchases in further measured steps at future meetings."