U.S. Stocks Rise as Fed Refrains From Reducing Stimulus

Posted by Bloomberg

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The Standard & Poor’s 500 Index climbed to a record high after the Federal Reserve unexpectedly refrained from reducing the $85 billion pace of monthly bond buying, saying it needs to see more evidence of improvement in the economy.

The S&P 500 (SPX) jumped 0.6 percent to 1,714.18 at 2:04 p.m. in New York, erasing an earlier decline of as much as 0.3 percent. The benchmark index climbed above its all-time high of 1,709.67 reached on Aug. 2.

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