Markets Close Higher As Stable Rate Policy Endorsed

The markets recovered earlier losses to close higher after a Federal Reserve official commented that maintaining stable interest rates is the right policy. The Dow soared 86 points to close at a record 12,218 while Nasdaq surged 24 points to 2431. S&P 500 rose 9 points to 1393. The 30-year bond inched up as the yield eased to 4.660%.