Stocks gain most in more than a year on Fed, oil
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — The U.S. stock market had its best day in more than a year after the Federal Reserve said it would to remain "patient" in its approach to raising interest rates.
Stocks rose from the open on Wednesday, led by energy companies, as oil prices showed signs of stabilizing from a big slump. The market's gains were extended after Fed policymakers released a statement following the end of a two-day meeting.
A near six-year bull run for the U.S. stock market has been helped by the Fed's huge stimulus, which has pushed down borrowing costs At the start of the month investors worried that signs of a strengthening economy would lead policymakers to bring forward the start of rate increases. But on Wednesday, the central bank said it foresaw no rate hike in the first three months of 2015.
"The Fed is going to be our friend for a very long time," said Burt White, chief investment officer for LPL Financial. "Growth continues to be good and corporate America is healthy. If you mix all that together it translates to rising stock prices."
FULL story at link.
The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)
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