S&P 500 enjoys best January since 1987 as Fed energizes investors
U.S. stocks ended mostly higher Thursday, a day after the Federal Reserve struck a surprisingly dovish tone on monetary policy. The S&P 500 and the Dow Jones Industrial Average posted their biggest January rally in decades. The S&P 500 rose 0.9% to end around 2,705, based on preliminary numbers. The Dow Jones Industrial Average fell 12 points, or less than 0.1%, to 25,002. The Nasdaq Composite advanced 1.4% to end near 7,282. The blue-chip Dow enjoyed its strongest January since 1989, while the S&P posted its best January since 1987. Stock investors were buoyed by the Fed's urging for a more patient approach to monetary policy on Wednesday amid softer global growth and fragile financial markets. Market participants are also watching trade developments after President Donald Trump tweeted that no trade agreement would be reached with China until longstanding issues were resolved. In company news, shares of Facebook Inc. surged 11% after the social media firm reported record profit numbers.