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Article: Stocks jump as Fed raises view of economy
- Article from:
- AP Online
- Article date:
- August 12, 2009
- Author:
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A more upbeat Federal Reserve has reassured investors that they've been making the right bets.
Stocks have shot higher 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.
According to preliminary calculations, the Dow Jones industrials is up 120 at 9,362. The Standard & Poor's 500 index is up 11 at 1,006. The Nasdaq composite index is up 29 at 1,999.
Three stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.2 ...