New York, NY (AP) -- Stocks are posting modest gains after the
Federal Reserve announced details of its plan to stimulate the
The central bank's annoucement Wednesday that it will buy $600
billion in Treasury bonds was in line with expectations on Wall
Street. The Fed hopes that pushing down bond yields will spur
consumer spending and investments in stocks.
According to preliminary estimates, the Dow Jones industrial
average is up 26, or 0.2 percent, to close at 11,215. That's a new
high for the year.
The broader S&P 500 is up 4, or 0.4 percent, to 1,198, while the
Nasdaq composite is up 7, or 0.3 percent, to 2,540.
Three stocks rose for every two that fell on the New York Stock
Exchange, where volume came to 1.1 billion shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)