U.S. Stocks, Gold, Euro Gain as Fed Keeps Plans for Low Rates

The Standard & Poor’s 500 Index rallied to an almost three-year high and Treasuries fell as the Federal Reserve renewed its pledge to stimulate growth with low interest rates and said a pickup in inflation is likely temporary. Gold gained and the dollar weakened versus the euro.

The S&P 500 added 0.6 percent to 1,355.66 at 4 p.m. in New York. The Russell 2000 Index of small U.S. stocks jumped to a record and the Nasdaq Composite Index reached a 10-year high. The dollar lost 0.9 percent to $1.4782 against the euro, falling for a seventh-straight day in its longest slump in two years, and gold futures surged as much as 1.8 percent to a record $1,530.70 an ounce. Ten-year Treasury yields rose five basis points to 3.36 percent. Oil advanced 0.5 percent.