Dow rallies after Fed statement, up 429 points

NEW YORK - (AP) - U.S. stocks are rising at the closing of tradingafter the Federal Reserve said it has discussed policy moves it canmake to spur the economy. The Fed also said growth has been slowerthan expected.

The Dow Jones industrial average is closing up 429 points, or 4percent, to 11,239.77.

Stocks rallied in the last hour of trading. Stocks initiallyfell after the Fed made its statement, which included a pledge tokeep interest rates at their record low until at least the middleof 2013.

The S&P 500 is up 53, or 4.7 percent , to 1,172.53. The Nasdaqis up 124, or 5.3 percent, to 2,482.52

The Dow had plunged 634 points Monday on the first day oftrading since Standard & Poor's cut the U.S. credit rating.

Interview with Dave Rees from Lifetime Retirement StrategiesWall Street takes a dive on first day after downgradeU.S. downgrade raises anxiety, if not interest rates

advertisement | advertise on News 12

Trending Video

New legislation passed by the City Council will 1 Word on the Street: Bedbugs
2 Rangers riding 3-game winning steak into 2nd round of playoffs
3 Rangers riding 3-game winning steak into 2nd round of playoffs
The 100-day mark in Donald Trump's presidency is 4 Hudson Valley grades Trump's first 100 days
5 VIDEO: Interview with Surflight Artistic Director Steve Steiner

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.