U.S. stocks rose, sending benchmark indexes to all-time highs, after the Federal Reserve said it will reduce the pace of its monthly bond purchases and expressed confidence in the labor market recovery.
The Standard & Poor’s 500 Index added 1.7 percent to 1,811.07 at 4 p.m. in New York, surpassing its previous record close reached on Dec. 9. The Dow Jones Industrial Average climbed 296.50 points, or 1.9 percent, to an all-time high of 16,171.76. Both gauges posted their biggest gains in two months.
Dec. 18 (Bloomberg) – On today’s “Insight & Action,” Adam Johnson looks at Quantitative Easing and its effect on corporate America on Bloomberg Television’s “Street Smart.”