Markets closed strong this week, posting minor gains on Friday after an announcement Thursday night that the Federal Reserve would raise the interest rates on emergency loan from 0.50 percent to 0.75 percent. The move, alongside the announcement that the key interest rate would maintain its low levels for some time to come, instilled investors with a renewed economic confidence. That faith carried over to the greenback which also reached some its highest levels in nine months.
The four days of gains in the abbreviated week looked unlikely for a moment, as stocks opened low to the news from the Fed., only to be reinterpreted and help negate losses.
At closing, early morning declines has been recuperated with the Dow Jones industrial average up 9.45 points, enough to make it the index’s best week in three months. Despite several hard weeks, the Dow is now down a minimal 0.25 percent for 2010. Elsehwere, the Standard & Poor's 500 index gained 2.42, or 0.2 percent, to 1,109.17, while the Nasdaq composite index tacked on 2.16 points or 0.1 percent, to 2,243.87.
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