published Tuesday, August 9th, 2011

Dow rallies after Fed statement, up 429 points

Specialists Donald Vaneck, center, and Robert Tuccillo work on the floor of the New York Stock Exchange today. (AP Photo/Richard Drew)
Specialists Donald Vaneck, center, and Robert Tuccillo work on the floor of the New York Stock Exchange today. (AP Photo/Richard Drew)
Photo by Associated Press.

STAN CHOE, AP Business Writer

NEW YORK — Stocks are rising at the closing of trading after the Federal Reserve said it has discussed policy moves it can make to spur the economy. The Fed also said growth has been slower than expected.

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

Stocks rallied in the last hour of trading. Stocks initially fell after the Fed made its statement, which included a pledge to keep interest rates at their record low until at least the middle of 2013.

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

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

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XGSBoss said...

Oh, a kitten sneezed in Iowa. SELL, SELL!! Doesn't take much to move the markets does it?

I like capitalism, I profit from capitalism. But damn, let's regulate the hell out of Wall Street with a stong hand for once so we can get off this roller coaster.

August 9, 2011 at 4:48 p.m.
joecrash1 said...

What about the FREE Enterprise system? The problem now is too much regulation. If only half of the regs imposed by the current administration were reversed, companies would be more confident to hire and release somc of their captial to expand. If you like capitalism so much, turn it loose and let it work.

August 9, 2011 at 5:15 p.m.
grandmastaj said...

Deregulation is what caused the irresponsible behavior that led to the last plummet in 2008. Of course, most people that blame Obama for everything have selective memory anyways.

August 9, 2011 at 7:40 p.m.
slowhand said...

I thought it was illegal to manipulate stock prices.

August 10, 2011 at 7:40 a.m.
XGSBoss said...

FREE enterprise and deregulation are costing you and me a crapload.

August 10, 2011 at 9:48 a.m.
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