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Markets & Stocks
Wall St. buoyed by Fed
August 22, 2000: 2:33 p.m. ET

Nasdaq touches 4,000 after policy makers vote to leave rates alone
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NEW YORK (CNNfn) - U.S. stocks rose Tuesday afternoon -- with the Nasdaq composite index crossing the 4,000 mark -- after the Federal Reserve left interest rates unchanged, as investors bet that steady borrowing costs bode well for corporate profits.

Moments after the 2:15 p.m. ET, announcement, the Dow Jones industrial average rose 98.90 points to 11,179.34, advancing above where the index was before the decision. The Nasdaq composite index gained 50.55 to 4,003.70, also above earlier levels.

For Wall Street, the Fed's decision is a kind of acknowledgement that its six interest rate hikes since June 1999 are slowing the economy and keeping inflation in check. Still, the central bank in its statement warned that inflation risks lie ahead, leaving open the chance that the highest rates in nearly ten years could go higher still.

With Tuesday's meeting over, the market immediately shifted attention to coming Fed meetings, when many analysts don't expect another rate hike this year. Back to top

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