Citing an improving economy and labor market, the Federal Reserve agreed Wednesday to continue to wind down bond purchases intended to hold down long-term interest rates and spur growth.
... * Fed reduces asset purchases, upgrades economy assessment. * GDP shows stronger economic growth than expected in Q2. * Dow down 0.02 pct, S&P up 0.2 pct, Nasdaq up 0.6 pct (Updates with reaction to Fed statement).
Chief Executive Evan Spiegel founded Snapchat while he was a student at Stanford in 2011. It might now be worth $10 billion. Chief Executive Evan Spiegel founded Snapchat while he was a student at Stanford in 2011.
Twitter CEO Dick Costolo gestures during a panel discussion at the Consumer Electronics Show in Las Vegas on January 8, 2014. Robert Galbraith/Reuters.
The dollar rose to a four-month high as Federal Reserve Chair Janet Yellen and fellow policy makers said slack in the labor market persists even as the economy is picking up, and they continued to trim monthly asset purchases.