Stocks in New York soared yesterday after the Federal Reserve followed through on a long-expected plan to raise interest rates. Investors were heartened by a suggestion from the Fed that a single, modest rate increase might be enough to quell inflation.
At the close of trading on Wall Street, the Dow Jones industrial average was up 155.45, or by 1.4 per cent, at 10,970.80. Broader stock indicators ended the session with solid gains. Mr John Shaughnessy, chief investment strategist at Advest Inc, said: "The market got a major relief rally."
Advancing issues outnumbered decliners by a five-to-three margin on the New York Stock Exchange, with 1,960 up, 1,160 down and 450 unchanged. NYSE volume totalled 1.11 billion shares as of 4pm, vs. 811.59 million in the previous session.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)