Business News
Small gains for US stocks as Fed keeps rates steady
Nov 4, 2009, 21:00 GMT
New York - US stocks posted mild gains Wednesday as the Federal Reserve kept interest rates at their record low of close to 0 per cent.
The central bank signalled it would continue to keep its benchmark federal funds rate at 0-0.25 per cent for an 'extended period' despite the start of a mild economic recovery.
The central bank's board said economic conditions 'continued to pick up' since its last meeting in September but were likely to 'remain weak for a time.'
The US posted growth in the third quarter for the first time in a year but unemployment continues rising. New monthly jobless figures are awaited Friday.
The blue-chip Dow Jones Industrial Average rose 30.23 points, or 0.31 per cent, to 9,802.14. The broader Standard and Poor's 500 Index inched up 1.09 points, or 0.1 per cent, to 1,046.5. The technology- heavy Nasdaq Composite Index edged lower 1.8 points, or 0.09 per cent, to 2,055.52.
The US currency plunged by the most in two months against the euro, dropping to 67.25 euro cents from 67.94 euro cents on Tuesday. The dollar rose against the Japanese currency to 90.69 yen from 90.34 yen.
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