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Stocks soar after Fed says economy is improving

By Associated Press

LAST UPDATED: 11:33 a.m. HST, Dec 18, 2013

NEW YORK » Stocks are surging after the Federal Reserve decided the economy was strong enough for it to reduce its stimulus efforts.

The Fed voted today to cut its $85 billion in monthly bond purchases by $10 billion, starting in January.

The Dow Jones industrial average soared 293 points, or 1.9 percent, to 16,168. The Standard & Poor's 500 index jumped 29 points, or 1.7 percent, to 1,810.

The Dow and S&P 500 were back at record highs.

The Nasdaq composite rose 46 points, or 1.2 percent, to 4,070.

Ford slumped 6 percent after issuing a three-year profit forecast that came in short of investors' expectations.

The yield on the 10-year Treasury note held steady at 2.88 percent.

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wiliki wrote:
$10B in fiscal stimulus would have more effect than that reduction in QE.... Why don't Republicans see that?
on December 18,2013 | 09:11AM
what wrote:
Bush had a better idea, remember those stimulus checks he sent out to taxpayers in 2008? If you're going to print money and try to stimulate the economy, give it to the hard working taxpayer of America, not bond holders, some of whom are from foreign countries.
on December 18,2013 | 09:35AM
Denominator wrote:
The Republicans didn't make this decision. Why don't you ask why the Democrats don't see it? Whatever the "it" is that you're talking about. QE has been killing the middle class. It's a fake and false measure to boost the economy by keeping interest rates artificially depressed. It has not resulted in increased economic activity. It has only benefited banks.
on December 18,2013 | 12:32PM
noheawilli wrote:
End the Fed!
on December 18,2013 | 10:10AM
eoe wrote:
But ... but ... Rush told me this stimulus would end in hyperinflation and the end of America.
on December 18,2013 | 10:49AM
saveparadise wrote:
Believe everything you read? Spend all your money this Christmas and Valentines Day to boost the economy. Buy a new car to start the New Year too. Who needs savings anyway? Live on credit much more fun. Thank you.
on December 18,2013 | 10:49AM
eoe wrote:
Yes save all your money. How is that working out for Japan?
on December 18,2013 | 11:18AM
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