Wall St extends gains following Fed minutes
Published on Apr 10, 2014 2:56 AM
NEW YORK (REUTERS) - US stocks jumped on Wednesday, with the three major indexes hitting session highs, after minutes from the Federal Reserve's latest policy meeting showed a more supportive central bank than previously expected.
The Dow and the Nasdaq rose more than 1 per cent with internet and biotech stocks leading the gains. Facebook shares jumped 5.6 per cent to US$61.45 (S$71.65).
Fed policymakers were unanimous in wanting to ditch the thresholds they had been using to telegraph a policy tightening, according to minutes of a meeting last month that shed little new light on what might prompt an eventual interest-rate rise.
"People are taking solace in the idea that the Fed may be more accommodative than previously thought, for longer than previously thought," said Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut.
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