Wall Street rallies amid election, Fed meeting

08:04, November 03, 2010      

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U.S. stocks climbed higher on Tuesday while investors were awaiting the outcome of midterm election and another possible round of quantitative easing.

According to opinion polls, Republicans will regain the control of the Hose of Representatives, which will hamper President Barack Obama's ability to pass legislation during the rest of his term.

The Federal Reserve began its closely-watched two-day meeting on Tuesday, after which the central bank was expected to announce a new round of bond-buying plans to bolster the recovery.

All eyes now are centered on how much the Fed decides to pump into the economy, while the average anticipation was between 500 billion to 700 billion U.S. dollars.

The greenback fell against other currencies on expectations that the Fed will buy government bonds to stimulate the economy.

The Dow Jones industrial average rose 64.10 points, or 0.58 percent, to 11,188.72. The Standard &Poor's 500 index gained 9.19 points, or 0.78 percent, to 1,193.57 and the Nasdaq was up 28.68 points, or 1.14 percent, to 2,533.52.

Light, sweet crude for December delivery rose 95 cents to settle at 83.90 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 79 cents to settle at 85.41 dollars a barrel on the ICE Futures exchange.

Source: Xinhua


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