By IANS,
New York: US stocks secured gains after fluctuating most of the session Wednesday as Fed’s latest assessment on economy boosted market sentiment.
Fed decided to keep the key interest rates unchanged, in line with market’s anticipation, when it concluded its two-day policy meeting, Xinhua reported.
Investors were more encouraged after Fed said “economic activity has continued to strengthen” since its last policy meeting in December.
Fed’s brighter tone helped stocks pared early losses after a negative housing data.
According to the US Commerce Department, new home sales fell to a seasonally adjusted annual rate of 342,000 in December, the lowest in nine months, after falling 9.3 percent in November to 370,000.
The Dow Jones rose 41.87, or 0.41 percent, to 10,236.16. Broader indexes also traded higher. The Standard & Poor’s 500 index gained 5.33, or 0.49 percent, to 1,097.50 and the Nasdaq added 17.68, or 0.80 percent, to 2,221.41.