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U.S. stocks rally as BOJ keeps policy steady

Xinhua, December 21, 2016 Adjust font size:

U.S. stocks extend gains Tuesday, leaving the Dow Jones Industrial Average within a strike distance of the milestone of 20,000 points, as the Bank of Japan (BOJ) kept its monetary policy unchanged after the conclusion of its two-day policy meeting.

The Dow Jones Industrial Average climbed 91.56 points, or 0.46 percent, to 19,974.62. The S&P 500 added 8.23 points, or 0.36 percent, to 2,270.76. The Nasdaq Composite Index was up 26.50 points, or 0.49 percent, to 5,483.94.

While maintaining its negative 0.1 percent interest rate on some bank reserves, the BOJ also opted to leave its 10-year Japanese government bond (JGB) yield target at about zero, while annual holdings were kept at a rise of about 80 trillion yen (682 billion U.S. dollars).

Following the policy meeting and opting to hold pat on any new policy changes, the central bank also upgraded its economic assessment saying a moderate recovery trend has continued while exports have picked up.

"Japan's economy has continued its moderate recovery trend. Overseas economies have continued to grow at a moderate pace, although emerging economies remain sluggish in part. In this situation, exports have picked up," the BOJ said in a statement on Tuesday.

Tokyo shares closed higher Tuesday amid the BOJ decision. The 225-issue Nikkei Stock Average increased 0.53 percent to 19,494.53 points, its highest closing level this year.

In Europe, equities posted gains Tuesday despite two separate attacks in the German and Turkish capitals. German benchmark DAX index at Frankfurt Stock Exchange increased 0.33 percent, while French benchmark index CAC 40 added 0.56 percent.

There is no major economic data due Tuesday. Endit