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Latest Headlines
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Mar 16, 2010 2:18:00 PM MST
Stocks rise, U.S. Fed leaves rates unchanged, S&P takes Greece off credit watch (Dollar-Markets)
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TORONTO _ North American stock markets closed higher after the U.S. Federal Reserve again pledged that interest rates will stay at historic lows to help the U.S. recover from a steep economic downturn.
The S&P/TSX composite index gained 80.6 points to 12,089.4, supported by rising commodity and financial stocks.
The Canadian dollar moved ahead 0.55 cents to 98.62 cents US, while oil rose $1.90 to US$81.70 a barrel.
As expected, the Fed said that it plans to keep rates low for an "extended period," which economists generally think means at least six more months.
There was also relief from an agreement by the European union to help Greece with loans if the debt-burdened country needs it.
The Dow Jones industrial average rose 43.83 points to 10,685.98. Elsewhere in New York, the Nasdaq composite index climbed 15.80 points to 2,378.01, while the S&P 500 index edged 8.95 points higher to 1,159.46.
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