Tuesday, August 9, 2011

BREAKING NEWS: Stocks Soar After Fed Says Rates to Stay Low

Just a day after suffering through one of the worst days in recent memory, major stock-market averages rocketed higher. The gains were helped in part by the Federal Reserve saying it expects interest rates will stay exceptionally low for at least two more years. The Dow Jones Industrial Average got back a huge portion of Monday's 634-point selloff, gaining 429 points and closing at session highs. The Nasdaq Composite index surged 5.3% and the S&P 500 rallied 4.7%. Treasury yields plummeted further and the price of oil dropped.


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