U.S. stocks rally; Dow near best day of year
NEW YORK (MarketWatch) — U.S. stocks rallied Wednesday, with the Dow industrials on track for their largest jump of 2012, on hopes the world’s central bankers will move to bolster the global economy.
Stock-indexes maintained robust gains after the Federal Reserve said the U.S. economy maintained a moderate pace of growth from early April to late May.
The Fed’s Beige Book of reports from its 12 district banks offered anecdotal evidence on the economy two weeks before Fed officials hold their next monetary-policy setting meeting.
“It appears the market is under the belief that Uncle Ben and his band of merry makers are going to be coming to the rescue, on the June 20th,” said Bob Pavlik, chief market strategist at Banyan Partners LLC.
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