Dow at 11,044, a rise of 34 points today.
NEW YORK (AP) — Traders pushed shares higher Tuesday after
minutes from the latest Federal Reserve meeting kept hope alive
that the central bank would take more action to stimulate the
economy.
The Fed had said after its Sept. 21 meeting that it was concerned
that inflation was too low, and suggested it could step up its
purchases of government bonds and take other action to encourage
lending.
Minutes from the September meeting, released Tuesday afternoon,
indicated that Fed Chairman Ben Bernanke and his colleagues were
nearing a consensus on what steps to take. Traders are hoping for
more concrete news from the Fed following its next meeting in early
November.
The dollar fell against other currencies after the Fed minutes came
out as traders anticipated another reduction in U.S. interest
rates.
Stocks turned sharply higher in the afternoon, led by financial
stocks. Technology stocks edged slightly higher, led by Citrix
Systems, Inc. and Apple Inc. The tech-heavy Nasdaq composite index
rose half a percent, while the Dow Jones industrial average rose
about 35 points in late afternoon trading.
