![Federal Reserve Announcement Lifts Markets Near Multi-Year Highs – Acadiana Business Index](http://townsquare.media/site/36/files/2012/05/Wall-Street-2-Spencer-Platt-Getty23-300x200111.jpg?w=980&q=75)
Federal Reserve Announcement Lifts Markets Near Multi-Year Highs – Acadiana Business Index
Markets finished near multi-year highs. Ken Meyers has your stock market report on the Acadiana Business Index.
- The S&P 500 Index closed at its highest price since 2007 as it advanced 23 points to 1459. The Dow gained 206 points to 13539 and the NASDAQ increased 41 points 3155.
- The Fed’s announcement of a new round of quantitative easing prompted a broad market rally. The central bank said it will buy $40 billion of mortgage debt per month and continue to purchase assets until the jobs outlook improves. Policy makers also pushed out expectations for a hike in short-term rates to 2015 and lowered their 2012 growth forecasts.
- Action by the Fed overshadowed a disappointing jobs report. Initial jobless claims rose by the most since mid-July as claims increased 15,000 to 382,000.
- In addition, the producer price index climbed higher in August by the most in more than three years with the gauge increasing 1.7%.
- Overall, a return to the risk-trade pushed all sectors higher. Material stocks were the best performing group with Alcoa up 28 cents to $9.35 and Freeport-McMoRan advanced $1.69 to $41.10. Financials also staged a rally as Bank of America increased 43 cents to $8.97 and Citigroup gained $1.40 to $33.05.
- NYSE Composite volume totaled over 4.4 billion shares. The NYSE was 11-3 positive on issues and 10-1 positive on volume. Advancers beat decliners on the NASDAQ by 8-3 on issues and by 4-1 on volume.
- In fixed-income, Treasuries were mixed despite a solid 30-year bond auction. The 10-year note was up 6/32 to yield 1.74% and the 30-year bond lost 11/32 to yield 2.94%.
For the complete report, click Ken's Market Report.
More From News Talk 96.5 KPEL
![Breaux Bridge Man Drowns After Car Plunges into Pond](http://townsquare.media/site/36/files/2024/07/attachment-Untitled-design-16-copy.jpg?w=980&q=75)
![Louisiana to be Prominently Featured at Republican National Convention](http://townsquare.media/site/36/files/2024/07/attachment-RNC-LOGO.jpg?w=980&q=75)
![Louisiana Man Indicted On 7 Counts in Murder, Kidnapping Case](http://townsquare.media/site/36/files/2024/07/attachment-Screenshot-2024-07-12-at-4.10.22-PM.jpg?w=980&q=75)
![Acadiana Single Mom Gifted Car By Lafayette Non Profit](http://townsquare.media/site/36/files/2024/07/attachment-Untitled-design-161.jpg?w=980&q=75)
![Two Arrested for Church Point, Louisiana ATM Theft](http://townsquare.media/site/34/files/2022/04/attachment-jake-allen-7Q1lhdgbyNU-unsplash.jpg?w=980&q=75)
![CEO of Louisiana Animal Charity Arrested for Child Pornography and Animal Sexual Abuse](http://townsquare.media/site/36/files/2024/07/attachment-Untitled-design-16.jpg?w=980&q=75)
![Louisiana Man Robbed at Gunpoint in His Own Home](http://townsquare.media/site/36/files/2024/01/attachment-Untitled-design-43.jpg?w=980&q=75)
![4th of July Firework Laws for Louisiana and Acadiana](http://townsquare.media/site/33/files/2013/12/Fireworks-Getty.jpg?w=980&q=75)
![Police Car Submerges in Louisiana Bayou Following High-Speed Chase](http://townsquare.media/site/36/files/2024/07/attachment-michael-fortsch-y5LaV9IEC_g-unsplash.jpg?w=980&q=75)