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US stocks hit new records on Fed minutes

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(Globalpost/GlobalPost)

US stocks powered to new record highs Wednesday after Federal Reserve meeting minutes suggested the Fed's easy-money policies would remain in place for a while longer.

The Dow Jones Industrial Average rose 128.86 (0.88 percent) to 14,802.32, a new all-time closing high.

The broad-based S&P 500 surged 19.11 (1.22 percent) higher to 1,587.72, also a record.

The Nasdaq Composite Index rose 59.39 (1.83 percent) to 3,297.76, reaching its highest level since November 2000.

The gains came after Federal Reserve minutes suggested aggressive stimulus measures would be in place until the jobs market improves. Last week's weak jobs report suggests that could be a while.

"Reduced fears of tightening monetary policy is helping lift the market after the FOMC minutes showed a majority of the Fed is still opposed to tampering its bond-buying program," said Wells Fargo in a market note.

jmb/pmh

http://www.globalpost.com/dispatch/news/afp/130410/us-stocks-hit-new-records-fed-minutes