A Ray of LIGHT
An expansive investment in the economy by the Federal Reserve intended to shore up the housing market and spur on the recovery triggered a broad rally on Wall Street, lifting the major indexes to substantial gains.
Traders immediately cheered the Fed’s moves, hoping they would lead to lower mortgage rates and a return to more bullish conditions. By 3:10 p.m., the Dow Jones Industrial Average stood up 131 points at 7527. The Nasdaq had picked up 35 at 1497, and the S&P 500 had jumped 20 to 798.
