Dow Sets Record High as Fed Says No To Interest Rate Hikes Soon

We apologize, this video has expired.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
/ Source:

Stocks rose on Wednesday, with the Dow setting a record high, after the Federal Reserve stuck to its script, saying it was nearing the end of its asset purchases and reiterating it would not hike interest rates for a 'considerable' period. The Dow Jones Industrial Average closed unofficially 24 points higher, at 17,156.85, eclipsing its July 16 finish of 17,138.20. The S&P 500 added 2 points and the Nasdaq rose 9 points. "Basically not much change in Fed policy; they'll only move when they are very comfortable that conditions have improved significantly. The overall path for policy that they've been on continues to be a path they are comfortable with," said Kate Warne, investment strategist at Edward Jones. In its statement after its two-day meeting, the Fed left largely intact key provisions and cut its bond buying down to $15 billion a month, while indicating the asset purchases would end altogether in October. Later, Fed chief Janet Yellen reiterated that there continued to be "significant under-utilization" in the labor force, with inflation running below the Fed's objectives.

We apologize, this video has expired.


- Kate Gibson,