US stocks climb after Fed pledges to hold rates low

2010-03-17 15:52:01 GMT2010-03-17 23:52:01 (Beijing Time) SINA.com

NEW YORK – Stocks are rising after U.S. and Japanese central banks reaffirmed plans to keep interest rates low to revive economic growth.

A report on inflation at the wholesale level provided another sign that the Federal Reserve shouldn't have to raise its key lending rate anytime soon. The Labor Department's Producer Price Index fell 0.6 percent in February, its steepest drop in seven months. The drop was steeper than expected.

At midday, the Dow Jones industrial average is up 52 at 10,738. That's the highest level for the Dow since October 2008 and is its seventh straight advance. The Standard & Poor's 500 index is up 7 at 1,167. The Nasdaq composite index is up 14 at 2,392.

(Agencies)

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