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NEW YORK REPORT

US stocks rose yesterday, as investors bet the US Federal Reserve will stick to its accommodative policy to foster economic recovery, boosting growth-sensitive sectors such as financials, technology and industrials.<br /><br />The gains were broad-based, with all but three of the 10 S&amp;P 500 industry sectors ending higher. Energy and other natural resources stocks were underpinned by resurgent global commodity prices as the US dollar retreated.<br /><br />The Federal Reserve began a two-day policy-setting meeting yesterday. Its policy statement is due today around 2:15 pm. <br /><br />With no change expected in interest rates, investors probably will focus on the bank&rsquo;s assessment of the economic outlook, particularly after Chairman Ben Bernanke said last week that the recession was &ldquo;technically&rdquo; over.<br /><br />The <strong>Dow Jones</strong> industrial average gained 51.01 points, or 0.52 per cent, to end at 9,829.87. The <strong>Standard &amp; Poor&rsquo;s</strong> 500 Index rose 7.00 points, or 0.66 per cent, to 1,071.66 &ndash; a fresh 11 month closing high. The <strong>Nasdaq</strong> Composite Index climbed 8.26 points, or 0.39 per cent, to 2,146.30.<br /><br />The S&amp;P 500 has risen 58.4 per cent since hitting a 12-year closing low on 9 March.<br /><br />Among financials, <strong>Citigroup</strong> shares jumped 5 per cent to $4.65 following news that Singapore wealth fund GIC has cut its stake in the US banking company in half.<br /><br /><strong>Bank of America</strong> rose 2.1 per cent to $17.61 after <strong>Rochdale Securities </strong>analyst Richard Bove raised his price target on the stock.