Stocks hold their gains on Wall Street after Fed statement

COVID-19 unleashed new demand for homes, made the well-off wealthier, and fueled extreme bidding wars. The result? The $1-million home is everywhere.The other major indexes also received a bump but shed some of their gains by late afternoon. The Dow Jones industrial average rose 338.48 points, or 1%, to 34,258.32. The blue-chip index had briefly surged 520 points higher. The Nasdaq composite gained 150.45 points, or 1%, to 14,896.85.

Wall Street has been trying to gauge how the slowdown in the economic recovery will affect the Fed’s decision-making process. The broader market has been choppy as that question lingers amid rising cases of COVID-19 because of the highly contagious Delta variant and the effect of rising inflation on companies and consumers.

But after the Fed’s official announcement that it would taper its purchases finally arrived in December, the 10-year yield quickly made a U-turn and began falling again. That’s even though the Fed was reducing its support for a program meant to keep rates low. Analysts say that shows how much power the Fed has through signaling: a taper can mean less help is on the way for the economy, which can mean slower growth and inflation.

Smaller stocks did better than the broader market. The Russell 2000 index rose 32.38 points, or 1.5%, to 2,218.56.

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