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Thursday, November 4, 2010

Stocks Surge After Fed Reveals Stimulus Plan

The major U.S. equity indices are trading higher Thursday a day after the Federal Reserve announced a $600 billion plan to boost the economy. The central bank said that it planned to spend $75 billion per month on bonds until at least the middle of next year. In corporate news, Gap (NYSE:GPS) shares are trading 6.85% higher at $20.58 after the company reported solid sales in October. BHP Billiton (NYSE:BHP) shares are trading 5.43% higher at $90.75 after the Canadian government rejected its bid to buy Potash Corp. of Saskatchewan (NYSE:POT). The Dow Jones Industrial Average (DJI) is trading 1.65% higher at 11,400.63, the S&P500 (INX) is trading 1.49% higher at 1,215.80, and the Nasdaq Composite (IXIC) is trading 1.22% higher at 2,571.16.


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