Summary Box: Stocks broke milestone amid hopes for action by Fed
By APFriday, October 8, 2010
Summary Box: Dow breaks 11,000 after long slump
DOW BREAKS 11,000: The Dow Jones industrial average passed 11,000 for the first time in five months, effectively erasing a long summer slump for stocks. The index is up 5.5 percent for the year and five of the last six weeks.
FED MOVE SEEM LIKELY: Traders are expecting the Federal Reserve to begin buying bonds in a further move to spur spending.
GRIM MILESTONE: The stock market’s jump comes one day before the three-year anniversary of the market’s all-time high. The Dow is down 22 percent from its Oct. 9. 2007 high.
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