Stocks open higher after hitting all-time high
NEW YORK (AP) — The stock market is opening higher after setting a record high the day before.
Major stock indexes moved further into record territory shortly after the market opened Thursday. The Dow Jones industrial average rose 11 points to 15,688. The Standard & Poor's 500 index gained four points to 1,729. The Nasdaq, which remains below its all-time set in 2000, climbed 14 points to 3,798.
The Federal Reserve on Wednesday surprised financial markets when it decided against scaling back its massive bond-buying program. That buying has kept interest rates low and helped drive a bull market over the last 4-1/2 years.
The price of gold surged $60, or 4.5 percent, to $1,367 an ounce in early trading, on pace for its biggest one-day move since the financial crisis.
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PHOTO: In this Wednesday, Sept. 18, 2013, photo, specialist Christopher Culhane works at his post on the floor of the New York Stock Exchange after the Federal Reserve announcement. Global stock markets surged Thursday after the U.S. Federal Reserve unexpectedly refrained from reducing its massive economic stimulus. (AP Photo/Richard Drew)