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Shares hit two-year highs as US Fed prints $600bn
Business Digest: Price of oil rose as the US dollar fell against the pound and euro
Shares in New York and London hit two-year highs yesterday after the US Federal Reserve announced $600bn in quantitative easing - $100bn more than had been expected.
The move came on the same day the Bank of England decided to put its own quantitative easing programme on hold for the time being.
The FTSE-100 and Dow Jones both rose 2 per cent, while France's CAC-40 increased 74 points and the German DAX was up 117 points. The price of oil also rose, suggesting hopes of a recovery were spreading among investors.
London Brent added $1.80 to hit $88.19 a barrel of oil.
But the increased supply of US currency meant the dollar fell against major currencies, with the euro and pound both gaining 2 cents to $1.4239 and $1.6273 respectively.
Read a full report at BBC News. ·
