Stocks soar after Fed says it will cut stimulus
Stocks are cautious Wednesday as investors await the results of the monthly, two-day Federal Reserve policy meeting. The street outside the New York Stock Exchange got a dusting Tuesday during a snowstorm. (Dec. 17, 2013) Credit: Getty Images
The stock market is up sharply after the Federal Reserve's surprise decision to dial back its economic stimulus, citing a stronger job market.
The Fed voted Wednesday to reduce its $85 billion in monthly bond purchases by $10 billion, starting in January. The Fed has been buying that amount of bonds for a year.
At midafternoon on Wall Street, the Dow Jones industrial average was up 158.8 points at 16,034.1. It had been up 47 points shortly before the Fed's announcement. The Standard & Poor's 500 index rose 12.6 points to 1,793.8, and the Nasdaq composite climbed 10.1 points to 4,034.6.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
