Stock markets inched higher after the release of the US Federal Reserves minutes regarding further rate cutes.
The minutes revealed a unanimous consensus for Fed Policymakers to slash interest rates by one half percent. Much of this decision was influenced by the credit crisis that has plagued many Americans and the worst housing slump in 16 years.
New York’s DJIA gained 120.8 points, reaching a new high of 14,164.53. The Nasdaq composite index advanced 16.54 points to 2,803.91 while the S&P 500 index also closed at the high of the day, moving ahead 12.57 points to close 1,565.15.
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