Closing Bell

The Dow Jones industrial average reached its highest level in two years Wednesday after the Federal Reserve announced plans to buy $600 billion in Treasuries to stimulate the economy. The central bank had hinted for two months that it planned a major bond-buying program in order to encourage borrowing and spending by lowering interest rates. The Fed made more explicit commitments in its announcement than many investors had been expecting, which helped push stock indexes and most Treasury prices higher. The S&P 500 index, the measure most closely watched by professional investors, is still about 20 points, or 1.6 percent, below its high of the year. The technology-focused Nasdaq closed at its highest level for the year for the second straight day. The yield on the benchmark 10-year Treasury note, which moves opposite its price, remained at 2.59 percent. The yield on the 30-year bond, which won't be targeted by the Fed's bond-buying program nearly as much as investors had hoped, rose to 4.06 percent from 3.93 percent late Tuesday. Overall, it was a great day as we were buying support levels as evidenced by our charts.