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Latest Business News: Wall Street Perks Up as Growth Accelerates

Wochit 0:53 mins

Stocks added to gains after the Federal Reserve said the economy continues to recover but is still in need of support, offering no indication that a reduction in the pace of its bond-buying stimulus program is imminent. The Federal Reserve announced no changes following the latest meeting of its policy-making committee and offered no indication how soon it might start to reduce its monthly bond purchases. The Federal Reserve says the U.S. economy is growing modestly, a downgrade from its June assessment. The Fed expects growth will pick up in the second half of the year, but the more cautious message may signal it's not ready to slow its bond purchases soon.

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