Business News - Maket gains hold, barely, after Fed news

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Maket gains hold, barely, after Fed news

NEW YORK (UPI) -- Gains held up, but U.S. markets turned sharply lower Wednesday after the Federal Reserve announced it would keep lending to banks at historically low rates.

News that the Fed left lending at zero to 0.25 percent might be welcome, but the Open Market Committee justified its decision on a recovery it called sluggish amidst continued job losses.

By close, the Dow Jones industrial average remained 30.23 points ahead, up 0.31 percent, to 9,802.14. The Standard & Poor's 500 gained 0.1 percent, 1.09 points, to 1,046.50. The Nasdaq composite lost its early advantage closing down 0.09 percent, 1.80 points, to 2,055.52.

On the New York Stock Exchange, 1,623 stocks advanced and 1,398 declined on a volume of 5.6 billion shares traded.

The benchmark 10-year U.S. Treasury fell 15/32 to yield 3.526 percent.

The euro rose to $1.4863 from Tuesday's $1.4712. Against the yen, the dollar rose to 90.77 yen from Tuesday's 90.34 yen.

In Japan, the Nikkei 225 index added 22.66, 0.42 percent, to 9,844.31.

In Britain, the FTSE 100 index gained 1.4 percent, 70.68, to 5,107.89.

Copyright 2009 by United Press International

This news arrived on: 11/04/2009

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