Fed Continues Taper, Stocks Rise

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[Marriner S. Eccles Federal Reserve Board Building]

Fed Continues Taper, Stocks Rise (Bloomberg)

Thanks to today’s Federal Open Market Committee meeting, the U.S. Federal Reserve has decided to continue its current pace of stimulus tapering. Stocks rose on the news, with the Dow reaching a new closing high. “The Fed seems to be putting aside the weakness in the first quarter that the market reacted to this morning,” Walter Todd, chief investment officer at Greenwood Capital Associates LLC, said. “The statement seems business as usual, and perhaps if you’d seen the Fed react more dovish to a weaker first quarter, that would’ve been more negative.”

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