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US stocks reach new highs despite fears over Iraq

Published on Jun 21, 2014 7:38 AM

NEW YORK (AFP) - US stocks jumped to fresh records this week as the Federal Reserve's promise of continued low interest rates from the Federal Reserve offset turmoil in Iraq that lifted oil prices.

The Dow Jones Industrial Average jumped 171.34 (1.02 per cent) to 16,947.08, while the S&P 500 shot up 26.71 (1.38 per cent) to 1,962.87. Both stood at records at week's end.

The tech-heavy Nasdaq Composite Index advanced 57.39 (1.33 per cent) to 4,368.04.

Equities were in positive territory most of the week, but the strongest gains came Wednesday after Federal Reserve Chair Janet Yellen downplayed higher inflation numbers and signalled benchmark interest rates would remain low through 2015.

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