Fed plan spurs US markets into action

The Dow and S&P 500 reversed earlier losses today, briefly jumping by one per cent, as financial shares rose following the…

The Dow and S&P 500 reversed earlier losses today, briefly jumping by one per cent, as financial shares rose following the Federal Reserve's latest plan to ease market strains and spur consumer spending.

The Nasdaq remained in the negative, weighed by a decline in big-cap technology shares, including Cisco Systems, which fell nearly five per cent after it said it will close most of its US and Canada operations for five days to cut costs.

The Dow Jones industrial average rose 15.29 points, or 0.18 per cent, to 8,458.68.

The Standard & Poor's 500 Index gained 2.38 points, or 0.28 per cent, to 854.19.

The Nasdaq Composite Index was down 14.83 points, or 1.01 per cent, at 1,457.19.