Wall St. closes higher after Fed vows more support for the virus-battered economy
The Dow Jones Industrial Average .DJI rose 160.29 points, or 0.61%, to 26,539.57, the S&P 500 .SPX gained 40 points, or 1.24%, to 3,258.44 and the Nasdaq Composite .IXIC added 140.85 points, or 1.35%, to 10,542.94.
U.S. stocks closed higher on Wednesday, adding to gains after the Federal Reserve repeated a pledge to use its “full range of tools” to support the economy but cautioned that the outlook “will depend significantly on the course of the virus.”
At the end of its two-day policy meeting the Fed said it will keep its interest rate target range until it is confident the economy has weathered the coronavirus pandemic and is on track for maximum employment and price stability goals.
While strategists said they found no surprising decisions after the meeting, many pointed out that the Fed’s focus on the virus highlighted the uncertainties it faces.
Investors were also focused on contentious negotiations in Washington around what should go into government’s next coronavirus relief plan.
Reference: CNBC
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