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Market Extra: Why the Fed’s long-awaited taper announcement isn’t rattling the stock market

Preparation pays dividends.

Stock-market investors took the Federal Reserve’s decision Wednesday to begin tapering its monthly bond purchases without a hitch, erasing early losses to see the Dow Jones Industrial Average DJIA, S&P 500 index SPX and Nasdaq Composite COMP score a fourth consecutive round of record closes.

“This taper was probably…

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