Overnight: U.S

Overnight: U.S. stocks rallied as markets interpreted the Federal Reserve's decision to begin the tapering of bond purchases in January as confidence in the underlying strength of the economy. Treasury prices fell modestly after a Federal Reserve decision to begin unwinding its massive bond-buying program, signaling a measured response to the announcement despite a series of bounces in its immediate aftermath. Gold futures were volatile in electronic trading, as traders assessed the Federal Reserve's decision to taper its bond-buying program starting in January. Oil futures moved higher, supported by a drop in weekly U.S. crude inventories. U.K. stocks traded higher after data showed the unemployment rate dropped faster than expected, providing further evidence the country's economy is recovering. European stock markets traded broadly higher. London BHP up 0.25%. Rio down 0.20%. New York BHP up 1.74%. Rio up 1.66%. LME Base metals traded mixed.