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ATAHK reads from Xinhua News that U.S. stocks rose Wednesday, with the Dow Jones Industrial Average closing at a record high, as the Federal Reserve didn't hint at the timing of hiking interest rates after its two-day policy meeting. For details, please refer to the following news from Xinhua News on 2014 September 17th:
The blue-chip Dow hit an all-time intraday high of 17,221.11 points, before ending at 17,156.85 points, also a record close, up 24.88 points or 0.15 percent.The S&P 500 ended up 2.59 points, or 0.13 percent, to 2,001.57. The Nasdaq Composite Index was up 9.43 points, or 0.21 percent, to 4,562.19.
Shortly after the release of the Fed's policy statement, the market fluctuated and then jumped into positive territory, as the U.S. central bank reassured investors by saying it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends.
Fed Chair Janet Yellen said at her press conference following the statement that "considerable time" is highly conditional and linked to assessment of the economy.The Fed also revised downwardly its forecast on the U.S. economy after the meeting, projecting a growth rate of 2.6-3.0 percent for the real gross domestic production in 2015, down from its previous estimates of 3.0 -3.2 percent.
On the economic front, the U.S. Consumer Price Index (CPI) for all urban consumers fell 0.2 percent in August on a seasonally adjusted basis, marking the first decline since April 2013, said the Labor Department Wednesday. Excluding food and energy costs, the core CPI remained unchanged.A separate report from the department on Tuesday showed the U.S. Producer Price Index was unchanged in August. Analysts believed that muted inflationary pressure would reduce the urgency for the Fed to raise rates.
Besides, U.S. home builder confidence for September hit the highest level since November 2005, said the National Association of Home Builders (NAHB) on Wednesday. The NAHB/Wells Fargo Housing Market Index rose for a fourth consecutive month in September to 59, up four points from August.The CBOE Volatility Index, often referred to as Wall Street' s fear gauge, lost 0.63 percent to end at 12.65 on Wednesday.
In other markets, crude price dropped Wednesday as U.S. crude inventories gained more than expected. Light, sweet crude for October delivery moved down 46 cents to settle at 94.42 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 8 cents to close at 98.97 dollars a barrel.
Gold futures on the COMEX division of the New York Mercantile Exchange were little changed Wednesday, with the most active gold contract for December delivery down 0.8 dollar, or 0.06 percent, to settle at 1,235.9 dollars per ounce.
The U.S. dollar rallied against most major currencies Wednesday after the Fed increased its projections of federal funds rate. In late New York trading, the euro fell to 1.2919 dollars from 1.2961 dollars of the previous session, and the dollar bought 108.00 Japanese yen, higher than 107.15 yen of the previous session.
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