US Federal Reserve
October 30, 2013 by staff
US Federal Reserve, Investors drove the Dow Jones industrial average to an all-time high Tuesday on expectations that the Federal Reserve will keep its economic stimulus program in place.
The Dow rose 111.42 points, or 0.7 per cent, to 15,680.35. The Dow also got a big boost from IBM, which announced that it would but $15 billion more of its own stock.
The Fed is in the middle of a two-day policy meeting at which it’s expected to maintain its $85 billion worth of bond purchases every month. That program is aimed at stimulating economic growth by keeping borrowing rates very low. The Fed will announce its decision Wednesday afternoon.
“The expectation that the Fed remains clearly on hold is the catalyst for this march higher,” said Quincy Krosby, a market strategist at Prudential Financial.
IBM rose $4.77, or 2.7 per cent, to $181.12, accounting for about a quarter of the Dow’s gain.
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