Timber company shares mostly up after Fed decision

Shares of timber companies were mostly higher after the Federal Reserve left a key interest rate unchanged.

The central bank said Tuesday it was keeping its target for the federal funds rate, the interest that banks charge on overnight loans, unchanged at 2 percent.

In a statement, the Fed said "strains in financial markets have increased significantly and labor markets have weakened further."

The Fed last lowered the federal funds rate on April 30 by one quarter of a percentage point to 2 percent. The last time the rate stood below 2 percent was in 2004.

Shortly after the Fed decision was announced, Louisiana-Pacific Corp. rose 30 cents, or 3.1 percent, to $10.06; MeadWestvaco Corp. gained 2 cents to $26.34; and building materials supplier Owens-Corning climbed $1.27, or 5.6 percent, to $23.91.