Wall Street surges on Fed news

Investors respond positively to statement despite news of taper.

United States stocks have surged on the latest monetary policy update from the Federal Reserve, despite it highlighting plans to cut its asset-purchase program by $US10 billion.

At 0615 AEDT, the Dow Jones Industrial Average had climbed 120.79 points, or 0.76%, to 15,996.05.

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