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Stocks Continue Climb After Latest News from Fed

Eastman Kodak surges 318%
By Newser Editors and Wire Services
Posted Jul 29, 2020 3:40 PM CDT

(Newser) – Stocks closed broadly higher on Wall Street after the Federal Reserve said it will keep the accelerator floored on its aid for the economy. The S&P 500 climbed 1.2% Wednesday, its best day in two weeks. Treasury yields held steady and gold reached another record high. The Fed said it will keep short-term interest rates at their record lows and expressed concern that the pandemic will act as a drag on the economy and hiring, the AP reports. The S&P 500 gained 40 points to close at 3,258.44. The Dow Jones Industrial Average rose 160.29, or 0.6%, to 26,539.57. The Nasdaq composite added 140.85, or 1.4%, to 10,542.94.

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The Fed also said it will continue buying about $120 billion in Treasury and mortgage bonds each month. A day before, the central bank said it would continue several lending programs through the end of the year to help support the economy. Advanced Micro Devices rose 12.5% for one of the market’s bigger gains after it reported an even stronger jump in profit from April through June than Wall Street expected. Eastman Kodak's stock skyrocketed for the second straight day after the company won a $765 million government loan to launch a new business unit making pharmaceutical components. It surged 318% to $33.20, up from $2.62 on Monday.

(Read more stock market stories.)

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