- The Washington Times - Wednesday, March 18, 2009

NEW YORK (AP) - The Federal Reserve is keeping Wall Street’s big rally alive with news that it will start buying Treasurys to help open up tight credit markets.

The central bank said it will purchase up to $300 billion of longer-term Treasury securities over the next six months.

The Fed’s announcement accompanied its decision to keep interest rates at historically low levels. It also reiterated Chairman Ben Bernanke’s prediction that government steps should return the economy to sustainable growth.

The Dow Jones industrial average is up 84 at 7,480 after being down nearly 60 before the Fed announcement. Broader indexes are also up sharply.

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