U.S. Federal Reserve

U.S. Federal Reserve: The S P/TSX composite index fell 4.62 points to 12,926.78. The Canadian dollar dipped 0.38 of a cent to 97.45 cents US, according to 660 News. The news sent U.S. markets up sharply, resulting in the Dow Jones industrial index and S P 500 closing at record highs on Wednesday and TORONTO North American markets finished lower Thursday as investors began to digest an unexpected decision by the U.S. Federal Reserve to continue with its monetary stimulus program. The U.S. central bank had been widely expected to announce a scaling back Wednesday of its $85 billion of monthly bond purchases, which have put downward pressure on long-term borrowing rates. Instead, the Fed did nothing as Fed chairman Ben Bernanke voiced worries over the state of the U.S. economic recovery and the still-high levels of unemployment. (www.immigrantscanada.com). As reported in the news.