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Article: Stocks extend gains as Fed ups view of economy
- Article from:
- AP Online
- Article date:
- August 12, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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A more upbeat Federal Reserve reassured investors that they've been making the right bets. Stocks extended their sharp gains Wednesday after the Fed, ending a two-day policy meeting, issued a more optimistic view of the economy and said it appears to be "leveling out." That was a change from the central bank's June assessment that the economy was shrinking at a slower pace.
Major stock market indicators surged about 2 percent, including the Dow Jones industrial average, which gained 175 points to reverse a sharp slide Tuesday. Stocks fluctuated as they often do after a Fed announcement.
The Fed's statement, which followed its decision to leave interest rates ...
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