Dow Climbs to Highest Since Lehman, 30-Year Bond Slides on Fed
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The Dow Jones Industrial Average climbed to a two-year high while Treasury 30-year bonds slid and the dollar fell as the Federal Reserve planned to expand asset purchases by an additional $600 billion to shore up the economy.
The Dow rose 26.41 points, or 0.2 percent, to 11,215.13 at 4 p.m. in New York, the highest since the week Lehman Brothers Holdings Inc. filed for bankruptcy in September 2008. The Standard & Poor’s 500 Index gained 0.4 percent to a six-month high of 1,197.96. The 30-year Treasury yield surged 0.12 percentage point, the most in two months, to 4.05 percent. The Dollar Index, which tracks trading versus six major peers, lost 0.5 percent. Oil reached a six-month high of $84.69 a barrel.