Blue-chip stocks rise 1% as Fed holds rates

Stock prices rose in New York yesterday after the Federal Reserve, as expected, indicated it would not change short-term interest rates.

On Wall Street, the Dow Jones industrial average rose 92.69 points - or by 1 per cent - to close at 9,366.81.

Broad-market indexes, meanwhile moved higher on continued strength in technology shares.

The Standard & Poor's 500 rose 10.10 to 1,272.09 and the technology-heavy Nasdaq composite index rose 30.16 to 2,493.58.

NYSE volume totalled 869.95 million shares, against 835.95 million in the previous session.

The NYSE composite index rose 4.48 to 598.58, and the American Stock Exchange composite index added 3.64 to 713.27.

The Russell 2000 index of smaller companies rose 2.01 to 423.74.