Dow industrials have their best day in three years
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — The Dow Jones industrial average had its biggest surge in three years Thursday, its second straight triple-digit gain following the Federal Reserve's reassurance that it was in no hurry to raise interest rates.
Bullish earnings from technology giant Oracle also drove the rally, which has helped stocks erase an early-December slump. Industrial and health care stocks also logged big gains. Even the energy sector advanced, despite another drop in the price of oil.
Fed Chair Janet Yellen said Wednesday that she foresaw no rate hike in the first quarter of 2015. The comments eased concerns that policymakers would start raising interest rates at a time when growth outside the U.S. appears to be flagging. They also helped investors look past worries about the impact of a slumping oil price and turmoil in Russia, where the currency has slumped.
"What we're seeing is a move back to fundamentals," said Karyn Cavanaugh, a senior market strategist at Voya Investment Management. "Earnings continue to be good...the U.S. economy is continuing to do well."
FULL story at link.
Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 18, 2014. The market is opening sharply higher, building on gains from the day before after the Federal Reserve indicated it was in no rush to raise interest rates. (AP Photo/Seth Wenig)
Read more: http://apnews.excite.com/article/20141218/financial_markets-6f8e3b6cf2.html
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