27 Apr '11, 10pm

Nasdaq hits 10-year high after Fed rate decision

NEW YORK: The Nasdaq Composite index hit its highest level in more than 10 years on Wednesday as US stocks pushed upward after the Federal Reserve left interest rates unchanged. The tech-rich Nasdaq added 22.34 points (0.78 percent) at 2,869.88, the highest close since December 2000, when it was plummeting as the dot-com bubble famously burst, plunging the country into recession. Riding news that the Fed would not raise ultra-low interest rates, the Dow Jones Industrial Average also surged, adding 95.59 points (0.76 percent) to finish at 12,690.96. The broad-market S&P 500 advanced 8.42 points (0.62 percent) to 1,355.66. The blue-chip Dow and the S&P 500 finished at their highest levels since 2008, in May and June, respectively. "US stocks moved solidly higher on the day, after receiving a nice afternoon jolt from the comments of Fed chairman Ben Bernanke in the inaugural ...

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

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