30 Aug '11, 9pm

US stocks rise on hopes of Fed action

US stocks rise on hopes of Fed action

NEW YORK: US stocks closed with modest gains on Tuesday after newly released minutes from the Federal Reserve's key policy committee raised hopes that the Fed would act to boost the ailing economy. The Dow Jones Industrial Average rose 20.70 points (0.18 percent) to close at 11,559.95. The broader S&P 500 climbed 2.84 points (0.23 percent) to 1,212.92, while the tech-heavy Nasdaq Composite jumped 14.00 points (0.55 percent) to close at 2,576.11. After opening with losses, the markets crept upwards and closed higher after minutes of the August 9 meeting of the Federal Open Market Committee showed members discussing what to do if the economy continued to stall. The committee has been deeply split between those who believe the Fed should further loosen monetary policy to juice the economy and those who fear that such steps would raise the risk of inflation. The latest FOMC mi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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