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The Dow Jones Industrial Average rose by 0.5 per cent to hit 10,734, success which has been partly attributed to comments by the US Federal Reserve that it would hold the near-zero interest rate for some time.
Holding the interest rate has signalled that the US economy is not in as poor a situation as believed, a sentiment which has rallied confidence for stock market trading.
Speaking to Reuters, director of research and trading strategies at New York's FBN Securities Cort Gwon said: "Although everything was expected here, it's definitely a bullish sign that nothing negative came out of [the Fed] decision and the language as well."
Dow Jones Indexes previously announced it had updated its Target Date index series to allow market players to use the indexes to measure "lifecycle" portfolio performance before retirement.
Posted by Clive Arneil
