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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Bald Eagle who wrote (459827)	9/16/2003 4:28:38 PM
From: Hope Praytochange	Respond to of 769670

Stocks Rally After Fed Meeting By REUTERS Filed at 4:05 p.m. ET NEW YORK (Reuters) - U.S. stocks closed up after the Federal Reserve kept U.S. interest rates at their 45-year lows, as widely expected, and said that borrowing costs could remain low for a while. The Fed's policy-setting Federal Open Market Committee said it had left the benchmark federal funds rate target at 1 percent, a 1958 low hit after the Fed cut rates 13 times since early 2001 in an effort to foster a vigorous expansion. In announcing their decision, the policy-makers repeated a warning they first issued in May over what they termed a small risk that inflation could move undesirably low. ``The risk of deflation is, they think, roughly the same as it was the last time they met, so they're not really changing their opinion,'' said Hugh Johnson, chief investment officer at First Albany Corp. ``They admit that there's some firming in the economy, but it doesn't appear that they think that's overwhelming either, certainly not enough to get excited about.'' The Dow Jones industrial average (.DJI) rose 118.53 points, or 1.25 percent, to 9,567.34. The broader Standard & Poor's 500 Index (.SPX) added 14.51 points, or 1.43 percent, to 1,029.32. The technology-laced Nasdaq Composite Index (.IXIC) gained 41.56 points, or 2.25 percent, to 1,887.26. Canadian telecommunications gear maker Nortel Networks (NT.N) topped the NYSE's most actively traded list. Shares of Nortel rose 32 cents, or 7.75 percent, to $4.45, after French mobile phone group Orange SA confirmed that Nortel was one of three main suppliers for its third-generation network. AOL Time Warner Inc. (AOL.N) rose, after the media company said it has agreed to sell two of its professional sports teams in Atlanta, plus operating rights to the teams' sports arena, to a private investment group. AOL shares rose 24 cents, or 1.52 percent, to $16.01. AOL did not immediately disclose how much it would net from selling the Atlanta Hawks basketball team, Atlanta Thrashers hockey team and the operating rights to Philips Arena. On the Nasdaq, Qualcomm Inc. (QCOM.O) shares rose, after it said fourth-quarter and full-year revenue and profit would be at the high end of its previous forecast due to strong demand for its mobile phone chips and for phones using its wireless technology. Shares of Qualcomm rose $1.19, or 2.74 percent, to $44.64.