Dec 19, 2013

Morning Market Report

Markets finish up, but the Aussie dollar continues to fall against the greenback.

The market is up 40 points. The Dow Jones was up 293 at 16,168. The market traded nervously ahead of the FOMC decision and then spiked following the Fed announcement. The market traded in a 360 point range.

The US Fed announced that it would reduce its $85 billion a month bond buying program, known as quantitative easing, by $10 billion a month. The news was accompanied by positive comments about maintaining easy monetary policy and ultra-low interest rates until the economic recovery has gained momentum and the unemployment rate is below 6.5%. Economic data was positive, with housing starts up over 22% in November, but the Fed decision was the key feature.

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