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FRIDAY, NOVEMBER 27, 2009
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Fed Moves Street; Dow Up 91

Plan to buy Treasuries, mortgage-backed securities stirs stocks

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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.

Trader Leonard DiMartino works at the New York Stock Exchange today.
Trader Leonard DiMartino works at the New York Stock Exchange today.   (AP Photo)
Traders look to buy and sell shares of Merck stock at the New York Stock Exchange today.
Traders look to buy and sell shares of Merck stock at the New York Stock Exchange today.   (AP Photo)
Traders work at the New York Stock Exchange Wednesday, March 18, 2009, in New York.
Traders work at the New York Stock Exchange Wednesday, March 18, 2009, in New York.   (AP Photo/Mark Lennihan)
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It's sort of an admittance that the incremental approach hasn't worked so, they're taking more of a shock-and-awe approach to which I can only say, bravo. I see this as the anchor that can pull down private borrowing rates. - Max Bublitz, SCM Advisors

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