Fed News Boosts Dow to Record

S&P 500 also closes at all-time high
By Jonas Oransky,  Newser Staff
Posted Oct 9, 2007 3:45 PM CDT
Federal Reserve Board Chairman Ben Bernanke speaks at the U.S. Chamber of Commerce's annual Education and Work Force Summit, Monday, Sept. 24, 2007, in Washington. (AP Photo/Lawrence Jackson)   (Associated Press)
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(Newser) – The markets spiked to record highs today after the Fed released minutes from its critical September meeting that revealed unanimous consent for the large interest rate cuts. The Dow climbed 120.80 points to close at an all-time high of 14,164.53. One economist told the Journal, “Just seeing that the Fed feels your pain is worth something.” 

The S&P 500 closed at a record 1,565.15, up 12.57, and the Nasdaq closed up 16.54 at 2,803.91. Investors awaited the third-quarter earnings season, which is expected to begin with good news from Alcoa. The aluminum company is expected to post a profit of 65 cents a share, 5% higher than a year ago.