World markets set for rally following Fed announcement

World markets were poised to rally Thursday after the Federal Reserve surprised some experts by announcing a modest reduction, or tapering, in its bond buying program.

Some market watchers had been holding out hope that the Fed would announce tapering after Fed chairman Ben Bernanke's tenure ends in January. But the job market has been improving and Bernanke cnn money.com/2013/12/18/news/economy/federal-reserve-taper/index.html">told reporters on Wednesday that he and other Fed officials -- including current vice chair and Bernanke successor Janet Yellen -- believe the economy will continue to create jobs.

The Fed said it will reduce its monthly purchases of mortgage-backed securities and U.S. Treasuries to $75 billion per month, down from $85 billion, beginning in January.

U.S. stocks surged on the news Wednesday afternoon, with the Dow and S&P 500 finishing at new closing highs. Japan's Nikkei index was up 1.5% in early trading Thursday, while Australia's ASX All Ordinaries index was up 1% and Taiwan's TSEC 50 rose 0.7%.

Related: Why tapering could be good for stocks

The Fed has been buying bonds since 2008 and many investors say the liquidity boost has been the main driver of the bull market in stocks since 2009. The Fed's decision also can be interpreted as a sign the economy is back on its feet and no longer needs as much stimulus as it once did.

Bernanke said Wednesday that the Fed could take "further measured steps" to reduce its holdings, but he stressed that it will continue buying bonds "at a rapid pace" after the taper. He also said the Fed expects to hold interest rates at historic lows past the point when the unemployment rate falls to 6%.

First Published: December 18, 2013: 8:41 PM ET

Jamie Dimon's holiday card looks like a Ralph Lauren advertisement

JPMorgan CEO Jamie Dimon and his family have sent out their annual missive, wishing family and friends happy holidays and all the best for 2014. Like last year, the card features Jamie, his wife Judy, their three daughters, a dog, and a young man who we presume is a business christmas card messages or son in law.

(The cards are panorama photos; we've included closeups of sections of them below the wide shots. And yes, Dimon and his family members appear multiple times in each panorama.)

We're not sure whether it has anything do with the fact the storied Wall Street bank appears to have resolved its impasse with the US government (albeit after incurring a record fine), but this year's card-all smiles and indoor tennis-is definitely more upbeat than last year's. "All you need is love," a printed message on the reverse side of this year's card reads.

Here's last year's, for comparison:

Debate team coach targeted in Colo. shooting

<p>A librarian and debate team coach is believed to have been the gunman's intended target in a shooting at a Colorado high school.

According to KUSA-TV in Denver, Tracy Murphy implemented "active-shooter protocols" after he learned 18-year-old Karl Pierson - whom officials have identified as the shooter - was armed with a shotgun and asking for Murphy at Arapahoe High School on Friday. Murphy then left the scene, a move Arapahoe County Sheriff Grayson Robinson said may have helped to limit the potential carnage.

On Friday night, Robinson would not elaborate on any possible motive except to say Pierson, who was found dead of a self-inflicted gunshot wound, had had a "confrontation or disagreement" with the teacher.

An Arapahoe County deputy escorted Murphy home to pick up a few belongings on Friday night. Murphy declined to talk about the shooting. What he has to say about his interactions with Pierson will likely be a key part of the investigation.

A 15-year-old girl suffered a gunshot wound and remained in critical condition as of Friday evening. Two other students suffered minor injuries.

On Saturday, students were able to return to the high school for the first time since being evacuated during the shooting Friday afternoon. They picked up their cars, but they were not allowed to go inside the school, which remains a crime scene.

It is unknown when students will be allowed back into the school to pick up their backpacks, cellphones or other items left behind. Classes are canceled on Monday. Finals were scheduled to start Tuesday, but those have also been canceled.

"Communication about final exams will come as we have more information, but they will not occur in any format until after the holiday break," according to a letter from the Arapahoe High School Administrative Team.

The shooting - on the eve of the anniversary of the Newtown school massacre, in which 20 students and six staffers were killed - sent scores of terrified students and staffers at Centennial's Arapahoe High School scurrying at about 12:30 p.m. Police and other first responders quickly mobilized to surround the 2,220-student school.

The gunman also brought two Molotov cocktails inside the school and exploded one, KUSA-TV reported. The other was found and removed by the bomb squad.

The incident unfolded when the armed student entered the west side of the school from a student parking lot. He told other students he was interested in confronting a specific teacher.

Many students locked themselves in classrooms until first responders arrived. Some said they heard several gunshots in a hallway near the school library.

"We were shaking, we were crying, we were freaking out,'' 9th grader Whitney Riley told CNN.

Jessica Girard was in math class when she said she heard three shots.

"Then there was a bunch of yelling, and then I think one of the people who had been shot was yelling in the hallway, 'Make it stop,' " she said.

Contributing: KUSA-TV, Denver; Associated Press