10 things you need to know today: December 19, 2014

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(Image credit: (AP Photo/Vadim Ghirda))

1. Stocks surge for a second day after soothing words from the Fed

The Dow Jones Industrial Average jumped by 421 points on Thursday — its biggest one-day increase in more than three years. The gains capped Wall Street's biggest two-day advance since late 2011. The gains were triggered by reassuring comments by the Federal Reserve, which said in a statement following its latest policy meeting that although the economy was improving, policymakers would be "patient" in raising interest rates. Investors interpreted that as a signal that the central bank would not raise interest rates until next summer or later.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.