Stocks were little changed after a rally ignited by the Fed’s latest stimulus program fizzled. The Dow had risen as much as 81 points after the Fed said it would extend its bond-buying program, spending $85 billion a month to drive down long-term borrowing costs and stimulate growth. It will also keep its key short-term interest rate near zero at least until the jobless rate falls below 6.5% or inflation rises to 2.5%. The news briefly took the focus off tense fiscal-cliff talks. The Dow and S&P had risen the previous five days on optimism a deal is near. The S&P is at its highest in five weeks and has erased all of its post-election losses.
December 13, 2012
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