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Dow hits new 2010 high after Fed details stimulus

Dow hits new 2010 high after Fed details stimulus

U.S. stocks are posting modest gains after the Federal Reserve announced details of its plan to stimulate the economy.
The central bank's annoucement Wednesday that it will buy $600 billion in Treasury bonds was in line with expectations on Wall Street. The Fed hopes that pushing down bond yields will spur consumer spending and investments in stocks.
According to preliminary estimates, the Dow Jones industrial average is up 26, or 0.2 percent, to close at 11,215. That's a new high for the year.
The broader S&P 500 is up 4, or 0.4 percent, to 1,198, while the Nasdaq composite is up 7, or 0.3 percent, to 2,540.
Three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 1.1 billion shares.