U.S. stocks rise modestly after Dow hits 2-year high

08:48, December 15, 2010      

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A trader works on the trading floor at the New York Stock Exchange in New York, the United States, Dec. 14, 2010. The U.S. stocks on Tuesday ended slightly up with the Dow Jones industrial average hitting its intraday high in two years. (Xinhua/Shen Hong)


The U.S. stocks on Tuesday ended slightly up with the Dow Jones industrial average hitting its intraday high in two years.

Equities got lifted on Tuesday as the Federal Reserve reaffirmed its quantitative easing policy and better-than-expected retail sales data showed consumer spending was recovering.

The Fed said the economic recovery is continuing, but still too slow to bring down the unemployment. So it will stick to the QE2 to stimulate growth and create jobs.

Shortly after the Fed's statement was released, the Dow hit 11, 514.08, its highest intraday level since September 2008.

In a separate report of the U.S. Commerce Department, total retail sales increased 0.8 percent in November, stronger than expected, as holiday shopping got underway. Meanwhile, October data were revised up from a previously reported 1.2-percent gain to 1.7 percent. Excluding autos, sales rose 1.2 percent last month, which doubled the increase economists had expected.

The Dow Jones industrial average gained 47.98 points, or 0.42 percent, to 11,476.54. The Standard &Poor's 500 index rose 1.13 points, or 0.09 percent, to 1,241.59 and the Nasdaq was up 2.81 points, or 0.11 percent, to 2,627.72.


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