US markets finish higher as Fed holds interest rates

Wednesday, 29. July 2020 22:00

Equities on Wall Street closed Wednesday's session in the green territory with the Dow Jones climbing more than 100 index points following the Federal Reserve Bank's decision to keep its federal funds rate unchanged at 0.00-0.25%.

Fed Chair Jerome Powell asserted the central bank currently is not "even thinking about raising interest rates," adding it will be "in this until we are through it." However, he noted that the economic outlook largely depends on the efficiency and the time needed to contain coronavirus as the economic recovery tends to slow down as the number of coronavirus cases grows nationwide.

The Dow gained 0.62% or over 140 index points at the closing bell as JPMorgan added over 2%, while the S&P 500 jumped 1.25% with L Brands Inc. soaring more than 35%. The Nasdaq 100 rose 1.24% at the same time as Advanced Micro Devices surged over 12%.

The euro jumped 0.53% against the greenback, going for 1.17785 at 4:02 pm ET.

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Breaking the News / GA