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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, 0.15 percent.The S&P 500 added 24.88 points, or 0.15 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 percent to 3.0 percent for the real gross domestic production in 2015, down from its previous estimates of 3.0 percent to 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. While less 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 4 points from August.
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