Fed Moves Street; Dow Up 91

Plan to buy Treasuries, mortgage-backed securities stirs stocks
By Nick McMaster,  Newser Staff
Posted Mar 18, 2009 3:23 PM CDT
Trader Leonard DiMartino works at the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks slumped today until the announcement of the Federal Reserve’s plans to buy billions in Treasuries and mortgage-backed securities, which caused a minor rally in equities, the Wall Street Journal reports. Treasury prices surged and yields plummeted. The Dow gained 90.88 to close at 7,486.58. The Nasdaq rose 29.11, closing at 1,491.22, and the S&P 500 rose 16.23 to settle at 794.35.