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September 18, 2013

Stocks inch up before pending Fed announcement

The Associated Press

NEW YORK - Stocks rose Tuesday as investors shrugged off worries about what the Federal Reserve is up to. Many expect the Fed to announce Wednesday that it will reduce its $85 billion monthly bond-buying program. Wall Street is hoping for a small reduction because the bond-buying has kept interest rates ultra-low and made it cheaper to borrow money.

The Dow Jones industrial average closed higher by 34.95 points, or 0.2 percent, at 15,529.73.

The Standard & Poor's 500 index rose 7.16 points, or 0.4 percent, to 1,704.76. The S&P 500 was five points below its record high reached on Aug. 2. It has risen for three trading days in a row, and 10 of the last 11.

The Nasdaq composite was up 27.85 points, or 0.8 percent, at 3,745.70; it had the biggest percentage gain of the three big indexes.

Nine out of 10 industry groups in the S&P 500 rose, led by technology. The only declines were for materials stocks, which include miners, industrial gas producers and metal refiners.

Rising tech stocks included the video game company Electronic Arts, which is getting a solid start with this year's version of its Madden NFL football franchise. Electronic Arts rose 64 cents, or 2 percent, to $27.60.





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