The market averages surged higher today as the Federal Open Market Committee gave a rather upbeat report on the economy and said low levels of interest rates will remain in effect at least through 2014.
Today the Dow closed at a 5 year high jumping 218 points +1.68%, SP 500 +1.81% and NASDAQ +1.88%. Advancing stocks led on the NYSE by a 4.2 to 1 margin and by 3.3 to 1 on the NASDAQ. Ninety-two percent of the volume traded on the NYSE was on the upside. Higher prices on faster trade is indicative of institutional buying.