Stocks are heading back towards their all-time highs.
First the scoreboard:
Dow: 14,526, +70.7 pts, +0.4 per cent
S&P 500: 1,559, +11.2 pts, +0.7 per cent
NASDAQ: 3,254, +25.1 pts, +0.7 per cent
And now the top stories:
- This week has been highlighted by jitters out of the Cypriot economy, which represent about half of one per cent of the eurozone. But for the most part, markets have held up well. The S&P 500 is just a handful of points from an all-time high.
- The big highlight of the day was the Fed’s FOMC announcement. As expected, they kept interest rates unchanged and reiterated their plan of quantitative easing via monthly purchases of $85 billion dollars’ worth of bonds.
- The Fed also lowered its 2013 unemployment rate forecast to a range of 7.3 to 7.5 per cent, down from a previous range of 7.4 to 7.7 per cent. They also lowered their estimates for 2014 and 2015. However, they also reduced their forecasts for GDP.
- Here was Chairman Bernanke’s response to a question about Cyprus: “It’s a difficult situation in Cyprus. In a financial sense, it’s bigger than it is in a GDP sense, as its banking system is so much larger than its economy. The vote failed, and markets are up today, so I don’t think the impact has been enormous.”
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