By JEFF OSTROWSKI
Monday, November 09, 2009
Investing is back in vogue. Saving, however, is on the outs, almost as soon as it became cool.
Stocks soared to a 13-month high today after the world’s bankers essentially said they’ll reward investors – while punishing savers who stash their cash in the bank.
The Dow Jones Industrial Average jumped 2 percent today to close at 10,226.94, the index’s highest point since October 2008. Stocks surged after the Federal Reserve and the Group of 20 countries said they’ll keep interest rates at rock-bottom levels in an effort to spur the economy.
"Investors are jumping on statements by the G-20 and the Fed," said Doug Kass, a hedge fund manager in Palm Beach. "That’s putting a curse on cash and forcing people into the market."
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