US stocks surge on Fed statement

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Dow Jones Industrial Average

Last Updated at 17 Dec 2014, 16:27 ET *Chart shows local time Dow Jones intraday chart
value change %
17356.87 +

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(Close): Shares on Wall Street surged after the release of the latest statement from the US Federal Reserve.

The US central bank said that it "can be patient" in determining when to raise short-term interest rates, cheering investors who have been accustomed to easy money.

The Dow Jones rose 288.00 points to 17,356.87.

The S&P 500 added 40.14 points to 2,012.89, while the Nasdaq climbed 96.48 points to finish at 4,644.31.

Earlier, figures showed that US consumer prices fell by the sharpest amount for six years last month.

The Labor Department said consumer prices fell 0.3% in November as fuel prices dropped, with the annual rate of CPI inflation sliding to 1.3%.

US parcel service FedEx was one rare spot of red in an otherwise upbeat day for firms.

Shares in the firm declined 3.72% after it reported disappointing second-quarter earnings, which did not benefit as much as expected from falling oil prices.

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