NEW YORK — Bond prices are falling sharply after the Federal Reserve said it would continue the pace of its stimulus plan because the economy is not growing quickly enough to bring unemployment down.
The yield on the benchmark 10-year Treasury note rose to its highest level since May.
Stocks are closing higher after reports that retail spending is increasing and businesses are feeling more confident.
According to preliminary calculations, the Dow Jones industrial average rose 48, or 0.4 percent, to 11,477. That is a new high for the year.
The S&P 500 rose 1, or 0.1 percent, to 1,242. The Nasdaq rose 3, or 0.1 percent, to 2,628.
Four stocks fell for every three that rose on the New York Stock Exchange. Volume was 957 million shares.