WKYT | Lexington, Kentucky | News

Stocks surge after Fed announcement

NEW YORK (AP) - Stocks are rising sharply a day after the Federal Reserve announced a $600 billion plan to stimulate the economy.

Broad stock indexes rose more than 0.8 in early trading Thursday. The Dow Jones industrials are up more than 100 points.

Many retailers are reporting sales gains for October. The bright spots are Costco Wholesale Corp. and Limited Brands Inc., both of which are reporting bigger increases than Wall Street analysts expected. Target Corp. and Macy's Corp. both reported gains slightly above estimates.

It took heavy discounting on coats and other cold-weather items to get shoppers to spend amid unusually warm temperatures. Still, the news is helping traders shake off a higher-than-expected jump in the number of new jobless claims.

The number of people seeking jobless benefits jumped sharply last week, after two straight weeks of declines.
Overseas shares are rising as well.

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