Dow, S&P 500 surge to new records on Fed decision
NEW YORK, United States (AFP) - US stocks on Wednesday surged to new records after the US Federal Reserve modestly scaled back its bond-buying program in a much-anticipated decision.
The Dow Jones Industrial Average soared 292.71 (1.84 per cent) to 16,167.97, while the broad-based S&P 500 jumped 29.65 (1.66 per cent) to 1,810.65. Both were records.
The tech-rich Nasdaq Composite index rose 46.38 (1.15 per cent) to 4,070.06.
The Fed said it would scale back its bond-buying program from US$85 billion (S$107 billion) to US$75 billion starting in January due to conditions "consistent with growing underlying strength in the broader economy," according to a statement by the Federal Open Market Committee.