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NEW YORK - US stocks ended higher Tuesday as investors cheered the Federal Reserve's pledge to keep interest rates "exceptionally low" "for an extended period" after a policy meeting.
The Dow Jones Industrial Average rose 43.83 points (0.41 percent) to 10,685.98, as the blue-chip index rallied for the sixth session in a row.
The Nasdaq composite added 15.80 points (0.67 percent) to 2,378.01 while the broad-market Standard & Poor's 500 index gained 8.95 points (0.78 percent) at 1,159.46.
The market rose after the Federal Reserve announced its benchmark fed funds rate would be maintained at the zero to 0.25 percent range to spur economic revival, analysts at Charles Schwab & Co said.
"It reiterated its 'extended period' language when referring to the low level of the fed funds rate," the analysts said in a client note.
By keeping rates at the current extraordinarily low level, the Fed's policy makers "did absolutely nothing to surprise the markets," said Joel Naroff of Naroff Economic Advisors.
Traders also digested inflation and housing data released before the opening bell.
New home construction starts were down 5.9 percent to 575,000 in February from a revised 611,000 in January but 0.2 percent above the February 2009 rate of 574,000, the Commerce Department said. Analysts had expected a February figure of 570,000.
Prices of goods imported into the US decreased 0.3 percent, the first decline in seven months, compared with a revised 1.3 percent January gain, Labour Department figures showed.
- AFP /ls
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