Updated from 2:16 p.m. EDT with closing stock prices
NEW YORK (
Gold for December delivery jumped $38.40 to settle at $1,772.10 an ounce at the Comex division of the New York Mercantile Exchange. The
There were a number of scenarios on the table for Thursday afternoon, with the most extreme option being a massive bond-buying and mortgage buying program from the Fed -- similar to the monetary stimulus implemented after the 2008 financial crisis -- or the opposite option of the central bank punting on QE3 until its next meeting.Ultimately, the Fed chose to announce plans to purchase $40 billion worth of mortgage-backed securities per month until it sees substantial improvement in the employment picture. It also extended Operation Twist, where it buy longer-term securities as its shorter-dated ones mature each month, until the end of the year and pushed its pledge to maintain its zero interest rate policy stance into at least mid-2015.
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