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Stocks soar after Fed says economy is improving

  • ASSOCIATED PRESS
    Federal Reserve Board Chairman Ben Bernanke testified before the Senate Banking Committee hearing on Capitol Hill on Feb. 26. The Fed will trim its $85 billion a month in bond purchases by $10 billion starting in January.
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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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