Stocks Surge After Fed’s Stimulus

Finally, there’s good news from Wall Street. Following the Federal Reserve’s announcement Thursday of an aggressive plan to goose the economy, stocks surged to highs that haven’t been hit in years. The Dow and the S&P closed at their highest levels since Dec. 2007, while the Nasdaq peaked at a level not reached since Nov. 2000. The Fed announced that it plans to buy $40 billion of agency mortgage debt per month and maintain that level until the unemployment rate improves. Almost 600 shares on the NYSE and Nasdaq hit year-long highs.