News Column

Markets Jump Early

March 20, 2013

U.S. markets swung higher Wednesday morning as investors anticipate the Federal Reserve will maintain an accommodating monetary policy.

The Fed's Open Market Committee concludes a two day meeting with a policy announcement scheduled for Wednesday afternoon.

Investors ignored uncertainly about the $13 billion international bailout offered to Cyprus. Lawmakers in Cyprus overwhelmingly rejected the plan to tax bank accounts, which was part of the deal worked out in Brussels.

In midmorning trading, the Dow Jones industrial average added 76.59 points or 0.53 percent to 14,532.41.

The Nasdaq gained 19.45 points or 0.6 percent to 3,248.54.

The Standard and Poor's 500 added 8.79 points or 0.57 percent to 1,557.13.

Ten-year U.S. treasury bonds fell 11/32 to yield 1.945 percent.

Against the dollar, the euro was at $1.2946 from Tuesday's $1.2883. Against the yen, the dollar was higher at 95.52 yen from 95.17 yen.

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Source: Copyright United Press International 2013

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