Markets up after Fed announcement

<p>An announcement from the Fed has boosted global markets.</p>

The revelation from the US Federal Reserve that it will not be amending its stimulus package just yet has boosted global markets today (September 19th).

London's FTSE 100 index rose 1.4 per cent, the Nikkei was up by 1.7 per cent, Frankfurt's Dax was up 1.2 per cent and the Cac in Paris gained 1.1 per cent.

The Fed revealed that it estimates the US economy will grow by between two per cent and 2.3 per cent this year, which is down from the previous suggestion of 2.3 per cent to 2.6 per cent expansion for 2013.

However, it was the news the quantitative easing scheme will not be scaled back that provided a boost to markets all over the world.

Gold mining stocks rose sharply as well, reports BBC News, while the value of the commodity rose by four per cent on the back of the news.

Hong Kong's Hang Seng jumped almost two per cent and the ASX 200 rose 1.2 per cent to break a five-year high.

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