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Stocks Jump as Fed Raises View of Economy
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Aug 12, 2009 05:29pm |
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| Category | News |
| Media | TV News - Columbia Broadcasting System CBS News |
| News Date | Wednesday, August 12, 2009 11:00:00 PM UTC0:0 |
| Description | (AP) A more upbeat Federal Reserve is reassuring investors that they've been making the right bets.
Stocks bounded higher Wednesday after the central bank said the economy appears to be "leveling out" rather than simply shrinking at a slower rate. The Fed's more positive take on the economy compared with its assessment in June wasn't surprising but it still bolstered hopes that the economy is in fact rebounding.
Wednesday's advance restarted the market's summer rally after a pause on Monday and Tuesday. Major market indexes jumped more than 1 percent, including the Dow Jones industrial average, which jumped 120 points.
Financial and technology shares posted some of the strongest gains after ratings upgrades and profit reports provided fresh evidence of a recovery. The stock market's advance was itself adding to bank and insurance stock gains — its climb means their investment portfolios are surging in value.
Investors drew reassurance from Fed policymakers' comments. The central bank left interest rates unchanged, as expected, following a two-day policy meeting. |
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