Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Dow Rallies, Closing Up More Than 400 Points Dow Rallies, Closing Up More Than 400 Points

This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Homepage / Economy

Dow Rallies, Closing Up More Than 400 Points

photo of Catherine Hollander
August 9, 2011

In a stark reversal, the Dow Jones Industrial Average closed 429.92 points higher on Tuesday after a late-afternoon rally.

Monday, the first session since Standard & Poor’s announced it was cutting the United States’s top AAA credit rating, was the worst day on Wall Street since December 2008.

On Tuesday, the Dow gained about 4 percent, the S&P 500 gained 4.74 percent, and the Nasdaq gained 5.29 percent. Stocks were off to a positive start early  as investors awaited an early afternoon policy statement from the Federal Reserve. Stocks see-sawed wildly as investors parsed the Fed’s statement, eventually rallying before the closing bell.

 

The Federal Open Market Committee, which steers monetary policy, announced the Fed would be keeping interest rates at rock-bottom levels through mid-2013, a longer time horizon than the central bank usually provides and giving some certainty to jittery markets. The Fed did not, however, announce any new monetary jolts despite significantly darkening its assessment of the recovery—but it offered a large hint that it may act at its next meeting.

The FOMC said its members discussed a “range of policy tools” the Fed could deploy to promote economic recovery, and the Fed “is prepared to employ these tools as appropriate.”

 

 

 

 

Job Board
Search Jobs
Transportation Planner
American Society of Civil Engineers | Salinas, CA
Biomedical Service Internship Position
American Society of Civil Engineers | Flint, MI
Fire Sprinkler Inspector
American Society of Civil Engineers | Charlotte, NC
Deputy Director of Transit Operations
American Society of Civil Engineers | San Jose, CA
Structural Engineer
American Society of Civil Engineers | New Haven, CT
Assessment and Remediation Team Lead
American Society of Civil Engineers | Regina, SK
Professional Development Program Engineer
American Society of Civil Engineers | Farmington Hills, MI
Assistant Professor - Water Resources/Ecological Engineering
American Society of Civil Engineers | Auburn, AL
Quality Systems Manager
American Society of Civil Engineers | Greensboro, NC
Rail Field Construction Inspector
American Society of Civil Engineers | Jacksonville, FL
Manager, Quality Assurance
American Society of Civil Engineers | Memphis, TN
Sr. Controls Systems Engineer
American Society of Civil Engineers | Grand Island, NE
Quality Engineer
American Society of Civil Engineers | Attica, IN
Civil Engineering
American Society of Civil Engineers | Steamboat Springs, CO
Commissioning Intern
American Society of Civil Engineers | Chicago, IL
 
Comments
comments powered by Disqus