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Article: Stocks rally on Fed news
- Article from:
- Charleston Gazette
- Article date:
- January 31, 2002
- Author:
CopyrightCopyright 2002 Charleston Gazette. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - The Federal Reserve gave Wall Street the positive
economic outlook investors have been seeking, and stocks rallied even
though the central bank declined to lower interest rates again.
Investors have been anxiously awaiting word that the recession has
ended, and a Fed statement Wednesday that "economic activity is
beginning to firm" brought buyers back into the market. The market's
upturn contrasted with lackluster trading earlier Wednesday and with
a big selloff Tuesday, when investors ditched shares on concerns
about companies' accounting practices.
"The Fed indicated there are signs of improving economic activity.
The comment was made that while we are not yet out of the woods, ...