Wall Street moves up after Fed unveils anticipated bond-buying ‘taper’

US stocks moved modestly higher on Wednesday after the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022.

The benchmark S&P 500 advanced into positive territory after the U.

S. central bank announced plans to begin tapering its bond purchases, a decision that investors had widely been anticipating.

ALSO READ: Fed unveils bond-buying ‘taper,’ sticks with ‘transitory’ inflation belief

The Fed also held to its belief that high inflation would prove “transitory” and likely not require a fast rise in interest rates.

In afternoon trading, the Dow Jones Industrial Average fell 73.13 points, or 0.2%, to 35,979.5, the S&P 500 gained 4.42 points, or 0.10%, to 4,635.07 and the Nasdaq Composite added 52.77 points, or 0.34%, to 15,702.37.

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