Dow up 400 points – Stocks swing wildly after Fed statement
NEW YORK (AP) — The Federal Reserve spoke — and financial markets swung wildly before rallying. The Dow rose nearly 200 points about an hour after the Fed’s statement was released.
But stocks first sank after the Fed said that economic growth this year has been “considerably slower” than it expected and that it will keep interest rates near their record low of almost zero until at least the middle of 2013. But then they shot back up.
The 10-year Treasury note rose sharply within minutes, sending its yield down to 2.10 percent, a low for the year. It had reached a low of 2.34 percent on Monday. A bond’s yield drops when its price rises. Gold, considered a safe haven when other investments are tumultuous, rose again to $1,773.60 per ounce, up from its $1,713.20 closing price on Monday.
The Fed said that it expects “a somewhat slower pace of recovery over coming quarters.” It also said that temporary factors, such as the high price of gasoline this spring and Japan’s March earthquake and tsunami, were only part of the reason for the weaker economy. For more visit: Yahoo finance
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