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Stocks surge after Fed promises to keep interest rates low
By: Bill O'ReillyAugust 9, 2011
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STORY EXCERPT
Los Angeles Times: The Dow Jones industrial average surged Tuesday, ending a volatile session up nearly 430 points after the Federal Reserve pledged to keep short-term interest rates near zero for at least another two years. The blue-chip index gyrated throughout the session as investors weighed the implications of the Fed's surprise move. But buyers flooded into battered stocks in the final hour. The Dow closed up 429.92 points, or 4%, to 11,239.77, its biggest gain of the year. The central bank's statement after its mid-summer meeting helped energize investors looking for any scrap of good news after a global rout in stocks since Standard & Poor's downgraded the U.S. credit rating late last week. On Monday, the Dow fell a stunning 635 points, or 5.6%, its worst decline since the financial-system meltdown in 2008.
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