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By Bloomberg

European stocks climbed to their highest level since 2000 after the Federal Reserve acknowledged a moderation in economic growth, fueling speculation it won’t be in a rush to raise interest rates.

All 19 industry groups on the Stoxx Europe 600 Index advanced, led by miners. BHP Billiton Ltd. added 2.5 percent, and Rio Tinto Group gained 1.5 percent as industrial metals traded higher.

The Stoxx 600 rose 0.7 percent to 401.57 at 9:47 a.m. in London, poised for its highest close since September 2000. Equities climbed yesterday as U.K. shares rallied after a budget presentation and Swedish stocks jumped after a rate cut. The Stoxx 600 has surged 17 percent this year.

“On the back of yesterday’s announcement, they gave themselves more room for this slower interest rates rises, which is good for equities and good for bonds,” said William Hobbs, head of equity strategy at Barclays Plc’s wealth-management unit in London, said referring to the Fed.

A U.S. rate increase in April is unlikely and policy won’t be tightened until the central bank is “reasonably confident” inflation will return to its target and the job market improves further, according to the Fed’s statement. It also dropped an assurance it will be “patient” in raising interest rates.

The Fed cut its estimate for where the benchmark U.S. interest rate will be by the end of 2015, easing concern that tighter monetary policy would curb demand for riskier assets and sending the dollar soaring.

HeidelbergCement Rises

Among stocks moving on corporate news, HeidelbergCement AG climbed 0.9 percent, paring earlier gains of as much as 3.4 percent. The world’s third-biggest cement maker cut debt by more than analysts expected, even without taking into account the proceeds for disposals.

A measure of oil companies advanced for a third day, led by Royal Dutch Shell Plc and Eni SpA.

Next Plc slid 3.4 percent after the U.K.’s second-biggest clothing retailer lowered its full-year sales forecast.

Investors are also watching negotiations between Greece and its creditors. German Chancellor Angela Merkel said there’s no quick solution for the Mediterranean nation’s financing crunch. Speaking to parliament in Berlin today before leaving for an EU summit in Brussels, Merkel said the bloc is ready to help if Greece is ready to meet its reform obligations.

Greece’s ASE Index rose less than 0.1 percent, the smallest gain of 18 western-European markets.

“There’s no doubt that European stocks are a good place to be,” said Hobbs. “However, they have run very fast and very far. You’ve got some conflicting forces with regards to European stocks at the moment. The Greek negotiations are starting again and there’s plenty of bad feeling between both sides.”