18-Mar

The market gains 6 out 7 days after FED announcement

The Dow Jones Industrial Average rose 92 points, its sixth gain in seven sessions. The big news for the day came out of the Fed meeting. The Fed announced that they would be buying up to $300 billion of Treasury's over the next six months. They would buy up to an additional $750 billion of agency mortgage backed securities and an additional $100 billion of their debt. As expected the FMOC announced that they were leaving the fed funds targets unchanged. Additional rumors circulated during the day that the Obama administration is considering expanding the TALF through a joint effort by the Fed and Treasury to take the bad assets off the banks books.

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