New York, NY (AP) - Bond prices are falling sharply after the
Federal Reserve said it would continue the pace of its stimulus
plan because the economy is not growing quickly enough to bring
unemployment down.
The yield on the benchmark 10-year Treasury note rose to its
highest level since May.
Stocks are closing higher after reports that retail spending is
increasing and businesses are feeling more confident.
According to preliminary calculations, the Dow Jones industrial
average rose 48, or 0.4 percent, to 11,477. That is a new high for
the year.
The S&P 500 rose 1, or 0.1 percent, to 1,242. The Nasdaq rose 3,
or 0.1 percent, to 2,628.
Four stocks fell for every three that rose on the New York Stock
Exchange. Volume was 957 million shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
