US Markets Close At Record Highs



The US Federal Reserve has continued its bond-buying scheme; it was announced in a press conference following Wednesday’s meeting. This move saw US markets closing at record highs, as the quantitative easing measures continue in America. Many traders at eToro watched with glee as their stocks and commodities soared in value.

In recent months, the Federal Reserve has been buying bonds like crazy, in a bid to stimulate America’s economy but, even though things are starting to look a little brighter on the other side of the pond, there is no hint from the powers that be that there will be any tapering of the stimulus programme.

US monetary policy makers cut the growth forecast from 2.3%-2.6%, as speculated in June, to 2%-2.3%. This slightly disappointing projection was compounded by an elevated unemployment rate, according to a statement following Wednesday’s meeting.

Many traders on Wall Street were taken by surprise as the news of continuing stimulus strategies in the US broke. eToro traders were also surprised, as trading activity on the popular social investment site didn’t gather pace for a good 12 hours after the news first broke. The NASDAQ and the Dow Jones both enjoyed big gains in the wake of Fed Reserve chairman, Ben Bernanke’s comments.

The news of continued quantitative in the US was also good news for gold traders and investors, as the precious metal climbed by over $56 an ounce at eToro during Wednesday’s trading sessions.

In closing, Bernanke stated that “the central bank would continue to prop up the US economy for as long as it felt extra stimulus was needed.” And he compounded his point by saying “There is no fixed calendar, schedule. I really have to emphasise that.”

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