(Wall Street Journal) Stocks rose, with the Dow Jones Industrial Average moving into record territory, as investors were reassured by the prospect of low interest rates for a while longer.
The Federal Reserve said Wednesday that it would keep short-term interest rates near zero for a "considerable time."
However, the U.S. central bank in its latest policy statement also confirmed that it would end its bond-buying program next month and offered new details on what mechanism it plans to use to raise interest rates when that time comes. That initially sent the dollar soaring against major currencies such as the yen, although the greenback later pared some gains.
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The Dow Jones Industrial Average was recently up 86 points, or 0.5%, at 17218, surpassing its previous intraday high.
The S&P 500 index gained 10 points, or 0.5%, to 2009 and Nasdaq Composite Index was up 26 points, or 0.6%, to 4578.