Federal Reserve chairman Ben Bernanke said today that the bank will undertake a 3rd round of quantitative easing, as the Fed looks to strengthen the nascent economic recovery.
The so-called "QE3" plan will see the Fed buy up about $40 billion worth of long-term mortgage debt each month, hoping to boost growth and employment.
The move sent stocks up on Wall Street today, with the Down Jones Industrial Average and the S&P 500 each gaining 1.6%.