Dow jumps over 350 pts as Fed vows to keep rates near zero

Wednesday, 16. September 2020 20:39

The Dow Jones surged over 350 points on Wednesday after the Federal Reserve decided to hold rates near zero and continue supporting the economy with its full range of tools if necessary.

In its statement, the Federal Open Market Committee signaled rates would remain near zero for three years and it "expects to maintain an accommodative stance of monetary policy" until it achieves inflation averaging 2% over time.

The Dow Jones jumped 367 points at 2:40 pm ET, while the S&P 500 climbed 0.81%. At the same time, the Nasdaq 100 was flat.

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