Dow rises more than 100 points, briefly turns positive for 2020
The Dow Jones Industrial Average and S&P 500 rose on Thursday after the Federal Reserve unveiled a new framework that could keep interest rates lower for a longer period of time.
The 30-stock Dow climbed 160.35 points, or 0.6%, to close at 28,492.27. Earlier in the session, the average turned positive for 2020. The S&P 500 gained 0.2% to close at 3,484.55 and briefly topped 3,500 for the first time. The Nasdaq Composite slid 0.3% to 11,625.34.
Stocks got a boost to start the session after Fed Chairman Jerome Powell said the central bank formally agreed to a policy of “average inflation targeting.” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.”
Reference: CNBC
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