Back
18 Dec 2013
Wall Street turns positive on the month as Fed starts Taper
FXstreet.com (San Francisco) - The US stocks market rallied hard on Wednesday as investors welcomed the Fed's decision to cut back its bond buying program by $10 Billion starting in January.
Overall, the Federal Reserve decided to cut QE program but also to maintain interest rates at historic lows as the Ben Bernanke affirmed economy is continuing to make progress but the recovery is far from complete. The Fed Chairman also commented that future adjustments in QE will be "deliberate."
The major indexes reversed today all its recent days losses and are now positive in the month. The Dow closed at record high after reaching all-time highs.
The DJIA climbed 292.71 pts or 1.84% to finish the day at 16,167.97; the S&P 500 jumped 29.65 pts or 1.66% to end the session at 1,810.65; and the Nasdaq Composite rallied 46.38 pts or 1.15% to 4,070.06.
Overall, the Federal Reserve decided to cut QE program but also to maintain interest rates at historic lows as the Ben Bernanke affirmed economy is continuing to make progress but the recovery is far from complete. The Fed Chairman also commented that future adjustments in QE will be "deliberate."
The major indexes reversed today all its recent days losses and are now positive in the month. The Dow closed at record high after reaching all-time highs.
The DJIA climbed 292.71 pts or 1.84% to finish the day at 16,167.97; the S&P 500 jumped 29.65 pts or 1.66% to end the session at 1,810.65; and the Nasdaq Composite rallied 46.38 pts or 1.15% to 4,070.06.