Fed Statement Revs Up Stocks

By MarketsFOXBusiness

The U.S. stock market got an afternoon boost Wednesday following the (much anticipated) Fed policy statement indicating the market-friendly low interest rates could continue for a “considerable time." The Fed also continued cutting its monthly bond buying program, reducing the purchases to $15 billion a month putting an end to the quantitative easing program on track for October.

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Crude oil slid back after Tuesday’s big gains to settle down $0.46 at $94.42 per barrel, down 0.46%. Gold also settled slightly lower at $1,235.9 per ounce, a loss of $0.80, down 0.06%.

All of the major indexes ended in the green, with the Dow Industrials (INDEXDJX:DJI) hitting another new intraday record of 17,221.11 before retreating off the high to close at 17,156.85, up 24.77 points or 0.15% on the day. The S&P 500 (INDEXSP:GSPC) rose in similar fashion, gaining 0.13% or 2.59 points to close at 2,001.57.

The NASDAQ Composite (NASDAQ:IXIC) rose for a second day, gaining 9.43 points to close at 4,562.19, up 0.21%. The NASDAQ 100 also rose, closing at 4,073.57, a gain of 2.92 points or 0.15%.

The small cap Russell 2000 was up 0.25% to close at 1,153.89, up 2.92 points, while The Fox 50 followed the markets into the green gaining 0.25% to close at 1,415.92, up 3.56 points.

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