Date: 08/10/2011 02:53 AM
Subject: CNN Breaking News
The Federal Reserve said Tuesday it plans to keep interest rates "exceptionally low" until at least 2013 and acknowledged that the economic recovery is slowing.
The Federal Reserve has kept the federal funds rate near zero for an extended period is to help stimulate the economy. That rate is the central bank's key tool used to spur the economy.
The Fed said growth is "considerably slower" than expected.
Date: 08/10/2011 04:27 AM
Subject: CNN Breaking News
Stocks recovered in a tumultuous session after huge losses a day earlier; the Dow closed up 430 points with a late surge.
Stocks at first dipped after the Federal Reserve said during the afternoon that it plans to keep interest rates "exceptionally low" until at least mid-2013 in response to a recent slowdown in the U.S. recovery.
That was followed by a spike that made up a portion of Monday's 635-point loss for the Dow.
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