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Post by bot on Jun 19, 2014 18:59:14 GMT -5
NEW YORK (MarketWatch) -- U.S. stocks rallied Wednesday after the Federal Reserve said it remained confident the economic recovery would strengthen yet inflation would remain contained. The Fed continued the tapering of the bond-buying program by a further $10 billion, reducing monthly purchases to $35 billion. The benchmark S&P 500 reached its 20th closing record of 2014 after four consecutive days of gains, as Fed Chairwoman Janet Yellen commented that valuations in equities are not outside historical norms. The S&P 500 added 14.99 points, or 0.8%, to 1,956.98, the largest one-day percentage gain in 4 weeks. The Dow Jones Industrial Average gained 98.13 points, or 0.6%, to 16,906.62. The Nasdaq Composite ended the day up 25.60 points, or 0.6% at 4,362.84.
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