Wall Street Closes Higher for Fourth Consecutive Day After Fed Action

Category: Global Markets / Sep 14, 2012 6:08PM EDT

U.S. stocks rose for a fourth straight session on Friday to close out the week at nearly five-year highs after the Federal Reserve took bold action to spur the economy, a move that could keep equities sustained in the coming months. The Fed said Thursday that it would keep up its aggressive bond-buying until unemployment falls.

Chairman Ben Bernanke said he wanted to see a convincing improvement in the economy that could deliver sustainable job creation. The S&P is now just 6 percent below its all-time closing high of 1,565.15 despite a relatively weak economy and economic risks around the world.

The Dow and the S&P 500 both closed at their highest levels since December 2007, while the Nasdaq ended at the highest since November 2000. The small-cap Russell 2000 index closed at the highest since April 2011. For the week, the Dow rose 2.2 percent, the S&P climbed 1.9 percent and the Nasdaq added 1.5 percent.