Transcript for Fed Expected to Keep Stimulus in Place, Dow Soars
Wall street soaring to new heights today, surging to new record highs. Ahead of a decision being announced in washington that impacts anyone with a mortgage OR 401(k). And abc's rebecca jarvis is here to tell us exactly what we can expect. Rebecca, good morning to you. Good morning to you. And take a look at the numbers. The dow surging 111 points tuesday. That's another record high, thanks in part to healthy corporate profits. This year alone, the dow was up nearly 20%. The broader s&p 500, that's up 24%, meaning your retirement savings for the year are up double-digits. What's going on? Well, investors believe that the federal reserve is going to be announcing that it's going to keep its economic stimulus plan in place. That means that it keeps printing money to keep interest rates low, hoping that that spurs people to spend more on things like cars and appliances, because the economy is growing. But it's growing too slowly. Now, the recent government shutdown, that slowed things down a bit more. The question is, will the federal reserve and its new incoming chairman, janet yellen, give us any clues about when the stimulus program may be scaled back because, josh, everyone on wall street thinks that's the primary driver of stocks continuing to climb. Any clue we get today is going to move markets.
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