Stocks rise in anticipation of Federal Reserve meeting
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Stock markets reversed course again and headed up as investors looked forward to a Federal Reserve meeting later this week at which a new stimulus plan could be announced.
The Dow Jones industrial average was up 136 points, or 1.3%, to 10953.84 in early trading. The rise came after last week ended with two down days.
The Federal Reserve is set to hold a gathering of central bankers in Jackson Hole, Wyo. on Friday. Last year at the meeting, the central bank’s chairman, Ben Bernanke, signaled that he was likely to launch the so-called QE2 program, which injected money into the economy through bond buying. With the global economy showing increasing signs of slowing down in recent weeks, expectations are growing that Bernanke will use this year’s conference to point toward a new stimulus program.
Stocks were also helped by the apparent victory of rebels in Libya, which helped to send down the price of oil initially.
Stock indexes were recently up 1.8% in France and 1.6% in England.
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