|09-18-2014, 01:30 PM||#1|
U.S shares close in green on the Fed’s updates
U.S. shares managed to close in green territories as investors sliced up the Federal Reserve’s vow to keep borrowing costs low for a “considerable time” while Chair Janet Yellen said the pledge is conditional on prospects for the economy.
In fact Federal Reserve maintained its pledge to keep interest rates near zero for a ‘considerable time” after the end of quantitative easing, adding that the economy is growing at a moderate pace.
“Labor market conditions improved somewhat further” while “significant underutilization of labor resources” remains, the Federal Open Market Committee said on Wednesday in a statement in Washington.
Policy makers tapered monthly bond buying to $15 billion in their seventh consecutive $10 billion cut, staying on course to end the program in October. Bond purchases intended to hold down long-term interest rates have swelled the Fed’s balance sheet to $4.42 trillion.
Otherwise Yellen said that the labor market continues to make "gradual progress" towards the Fed`s objectives, but it still hasn`t recovered. Yellen added that third quarter GDP appears to be expanding at a moderate pace.
Yellen said inflation has "firmed some" since earlier in the year, and said the FOMC sees a decreased likelihood that inflation will continue to run below 2%, the Fed`s stated inflation goal.
-The Dow Jones Industrial Average gained 0.15% or 24.88 points to 17156.85
-The S&P 500 index gained 0.13% or 2.59 points to 2001.57
-The NASDAQ Composite index gained 0.21% or 9.43 points to 4562.19 . As of 16:20 p.m. ET
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