Dow Up 22 on Fed Rate Decision
NEW YORK, Aug. 20ÛÓHeavy industrial shares rose today as the Federal Reserve confirmed expectations it wouldn't try to slow the economy with higher interest rates.</br></br>But the widely anticipated decisionÛÓalready employed as a catalyst for several recent ralliesÛÓleft the rest of the stock market mixed and little changed in another sluggish summer session.</br></br>The Dow Jones industrial average rose 21.82 points to close at 5721.26. It was the third straight gain for the blue-chip measure, which has crept back within striking distance of its all-time high of 5778.00, reached May 22.</br></br>The Dow was led upward by such companies as chemical maker DuPont and aluminum producer Alcoa, which suffer tire most when borrowing becomes more expensive, slowing spending on bigger purchases such as cars and houses.</br></br>But stable-demand consumer stocks such as Procter & Gamble and Merck, which had benefited most from the economic uncertainties confronting investors, were the DowÛªs weakest issues. And the Standard & PoorÛªs 500-stock index of large companies, which usually moves in sync with the Dow, slipped 0.89 to 665.69, pressured by its heavier weighting with consumer-related businesses.