Dow Jones Industrial Average rises 160 points
The Dow gained 160.35 points, or 0.6%, to close at 28,492.27. The Dow also briefly erased its losses for 2020 at one point. The Dow advanced 0.2% to 3,484.55. The Dow fell 0.3% to 11,625.34. Stocks gyrated throughout Thursday’s session after the Federal Reserve unveiled a new framework that could keep interest rates lower for a longer period of time.
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.” Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains along the long end of the yield curve.
JPMorgan Chase advanced 3% and JPMorgan Chase rose 1.7%. JPMorgan Chase and JPMorgan Chase were up 2.3% and1.9%, respectively. JPMorgan Chase, meanwhile, dropped 3.5% and JPMorgan Chase slid 1.2%. JPMorgan Chase dropped 3.9% and JPMorgan Chase pulled back by 1%.
Data on consumer sentiment and personal income is set for release Friday.
