Biggest Rise in Wall Street after 3 Years!

Dear forum friends

This is my fisrt post, eventhough I joined in this forum two months earilier. I am new to sharemarket and entire financial and money management area. Because my profession is Engineering.

Actually I stunned by reading the threads particularly of Saint, Amitbe, pankaj, ravi1967 and ofcourse Traderji. These posts have immense knowledge and information for the newbies like me. I am really thanking for those valuable posts.

I am following Intian markets and the world market indices for the last two months. I noticed a large positive swing in US Dow today after three years. Do it have any impact on indian markets today? Please give an outlook about this and on FED reports also

DOW JONES INDUS. AVG -- 11,190.80 -- 217.24 -- 1.98%
S&P 500 INDEX -- 1,272.87 -- 26.87 -- 2.16%
NASDAQ COMPOSITE INDEX -- 2,174.38 -- 62.54 -- 2.96%
S&P/TSX COMPOSITE INDEX -- 11,520.91 -- 188.59 -- 1.66%
MEXICO BOLSA INDEX -- 18,908.33 -- 806.50 -- 4.46%
BRAZIL BOVESPA STOCK IDX -- 36,486.67 -- 1,652.02 -- 4.74%[/font]


U.S. Stocks Rally the Most Since 2003 Following Fed Decision
June 29 (Bloomberg) -- U.S. stocks had the biggest rally since 2003 after the Federal Reserve said economic growth is slowing, giving the central bank some leeway to pause after raising interest rates the past two years.

Goldman Sachs Group Inc., the biggest U.S. securities firm by market value, and other financial companies led the gains as bond yields fell. Alcoa Inc. and Phelps Dodge Corp. climbed as the central bank's comments eased concern that higher borrowing costs will curb global demand for commodities.

Fed policy makers, in a statement after they lifted rates for the 17th consecutive time, said the economy is ``moderating from its quite strong pace earlier this year.'' The target rate for overnight bank loans rose by a quarter percentage point, to 5.25 percent.

``The sooner the Fed stops, the more confident we can be that they don't do any further damage to growth,'' said Bob Sitko, who helps manage $575 million at USAA Private Investment Management in San Antonio. ``The earnings picture continues to look healthy and on solid footing.''

The Standard & Poor's 500 Index jumped 26.87, or 2.2 percent, to 1272.87, the largest advance since October 2003. The Dow Jones Industrial Average added 217.24, or 2 percent, to 11,190.80, for the biggest single-day point gain in more than three years. All 30 members gained. The Nasdaq Composite Index increased 62.54, or 3 percent, to 2174.38, for its biggest surge since March 2004.

More than 17 stocks rose for every one that fell on the New York Stock Exchange. The advance-decline ratio for all Big Board-listed securities was 11 to 2, the highest in nine years. About 1.88 billion shares changed hands on the NYSE, 9.8 percent more than the three-month daily average.