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| Version 1 | Version 2 |
|---|---|
| Record close for US shares after Fed reassurance | Record close for US shares after Fed reassurance |
| (about 5 hours later) | |
| US shares closed at record levels after the US central bank indicated that its efforts to boost the economy would continue for now. | US shares closed at record levels after the US central bank indicated that its efforts to boost the economy would continue for now. |
| The Dow Jones Industrial Average closed 1.1% higher at 15,460.92 and the broader S&P 500 added 1.3% to end at a new peak of 1,675.02. | |
| Both measures surpassed previous record highs hit in late May. | Both measures surpassed previous record highs hit in late May. |
| Investors have been focusing on when the US Federal Reserve (Fed) might end its massive bond-buying programme. | Investors have been focusing on when the US Federal Reserve (Fed) might end its massive bond-buying programme. |
| Fed chairman Ben Bernanke had made previous comments suggesting the policy would be phased out. | Fed chairman Ben Bernanke had made previous comments suggesting the policy would be phased out. |
| But on Wednesday Mr Bernanke clarified his position, saying a "highly accommodative" policy was needed for the foreseeable future. | But on Wednesday Mr Bernanke clarified his position, saying a "highly accommodative" policy was needed for the foreseeable future. |
| Market stability | Market stability |
| Since late last year, each month the Fed has been buying $85bn (£56bn) in Treasury and mortgage bonds. | Since late last year, each month the Fed has been buying $85bn (£56bn) in Treasury and mortgage bonds. |
| The purchases have kept interest rates low, with the aim of encouraging more Americans to buy homes and cars, and hopefully bolster economic growth. | The purchases have kept interest rates low, with the aim of encouraging more Americans to buy homes and cars, and hopefully bolster economic growth. |
| Investors worry that once the Fed starts scaling back its bond buying, interest rates will rise. | Investors worry that once the Fed starts scaling back its bond buying, interest rates will rise. |
| "The Fed has made it unequivocally clear that they are not in any hurry to do anything," said Alec Young, Global Equity Strategist at S&P Capital IQ. | "The Fed has made it unequivocally clear that they are not in any hurry to do anything," said Alec Young, Global Equity Strategist at S&P Capital IQ. |
| "It's very bullish for stocks," he added. | "It's very bullish for stocks," he added. |
| The S&P 500 index has risen for six trading sessions in a row, the longest winning run in four months. | The S&P 500 index has risen for six trading sessions in a row, the longest winning run in four months. |
| The Nasdaq composite rose 1.4% on Thursday to close at 3,578.30, its highest level in almost 13 years. | The Nasdaq composite rose 1.4% on Thursday to close at 3,578.30, its highest level in almost 13 years. |
| Microsoft was one of the biggest winners on the stock market on Thursday. | Microsoft was one of the biggest winners on the stock market on Thursday. |
| Its shares jumped 2.8% after the company announced a plan to overhaul its structure. | Its shares jumped 2.8% after the company announced a plan to overhaul its structure. |