New York Report: Fed decision raises shares

US SHARES rose yesterday, a day after the Federal Reserve kept intact its pledge to keep interest rates low, providing a backstop for investors that helped lift both the Dow and S&P to record highs.

The Fed said on Wednesday at the conclusion of a two-day policy meeting it would keep interest rates near zero for a “considerable time”.

The Dow Jones industrial average closed up 109.14 points, or 0.64 per cent, to 17,265.99, the S&P 500 added 9.79 points, or 0.49 per cent, to 2,011.36, and the Nasdaq Composite gained 31.24 points, or 0.68 per cent, to 4,593.43.

But after the closing bell, Oracle shares fell 2.2 per cent to $40.64 after its long-time chief executive Larry Ellison announced he would become executive chairman and chief technology officer, with executives Safra Catz and Mark Hurd taking over the CEO role.