The Federal Reserve’s FOMC statement is out, and it’s a shocker!
The Fed is NOT TAPERING its massive $US85 billion large-scale asset purchase program.
Almost no one expected this.
The Dow went from -40 to +63 in the blink of an eye. And as Bernanke began the Q&A of his press conference, the Dow surged +178 to an all-time high of 15,708!
Also, the S&P 500 is at 1,728, an all-time record high.
The U.S. dollar tanked, and gold spiked.
The 10-year Treasury note yield tanked to 2.76% from around 2.86% before the announcement.
Here’s the market action charted via Bloomberg’s Michael McDonough: