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THE NEW YORK REPORT

US stocks mostly eked out a gain yesterday, pulling back from the day&rsquo;s rally after the Federal Reserve reiterated its intent to keep rates low, but gave investors few new reasons to boost holdings.<br /><br />Stocks pushed higher in the hour following the FOMC statement, after the Fed kept its benchmark federal funds rate unchanged in a range of zero to 0.25 per cent. <br /><br />The Dow climbed as high as 9,928.04, while the S&amp;P 500 hit an intraday high at 1,061.00 and the Nasdaq touched 2,081.00.<br /><br />But the market was unable to hold those gains as it succumbed to selling pressure in the last half-hour of trading and the Nasdaq ended slightly lower.<br /><br />The Fed&rsquo;s closely watched policy statement was somewhat more upbeat than its statement in September. However, it was also more explicit about why it expects to keep rates low, citing &ldquo;low rates of resource utilization, subdued inflation trends, and stable inflation expectations&rdquo;.<br /><br />The Dow Jones industrial average gained 30.23 points, or 0.31 per cent, to end at 9,802.14. <br /><br />The Standard &amp; Poor&rsquo;s 500 Index edged up 1.09 points, or 0.10 per cent, to 1,046.50. <br /><br />But the Nasdaq Composite Index dipped 1.80 points, or 0.09 per cent, to close at 2,055.52.