22 Sep 2010

See-saw on Wall Street

8:34 am on 22 September 2010

Stocks on Wall Street see-sawed on Tuesday, after the US Federal Reserve announced its latest interest rate decision.

Stocks jumped after the Fed announced that it's keeping interest rates on hold at a record lows.

The Fed also left the door open to providing more stimulus if the economy needs it.

But shares later fell and the Dow Jones Index closed flat, rising just seven points, to close at 10,761.

The Nasdaq Composite lost six points, to close at 2349.

In London, the FTSE 100 ended on 5,602 up 94 points.

The Nikkei in Tokyo was closed for a market holiday. The Hang Seng index in Hong Kong finished on 21,977, up six points.

The Australian 200 Index lost 13 points, to close at 4617.

The NZX 50 gained 20 points, to 3236.

The New Zealand dollar jumped more than 0.5 cents after the announcement by the Fed.

At 8am on Wednesday, it was trading at 73.40 US cents, 76.95 Australian cents, 47.02 pence, 62.48 yen and 0.5545 euro. The Trade Weighted Index was at 67.01.

Brent crude oil was trading at $US79.51 per barrel and gold was trading at $US1283.20 per ounce.