Bullish U.S. stock markets soar to new heights
Lola Evans
30 Apr 2021, 06:10 GMT+10
U.S. stocks moved to record highs again on Thursday, spurred on by a raft of positive economic data.
The U.S. Commerce Department revealed the economy grew at an annualized 6.4% in the 1st quarter. The increase in first-quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response to Covid-19.
NEW YORK, New York - U.S. stocks moved to record highs again on Thursday, spurred on by a raft of positive economic data, trillions of dollars in government stimulus, and historically low-interest rates, set to remain low for some time, according to the Federal Reserve following their monthly two-day meeting, which concluded on Wednesday.
Bullish U S stock markets soar to new heights
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Federal Reserve calls inflation transitory as it keeps interest rates near zero
April 28, 2021 / 4:02 PM / CBS/AP Fed Chair on federal budget
The Federal Reserve will continue its ultra-low interest rate policies and bond-buying program, a sign that it wants to see more evidence of a strengthening economic recovery before it considers easing its support.
In a statement Wednesday, the Fed said the economy and job market have strengthened, and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.
The Fed left its benchmark short-term rate between zero and 0.25%, where it s been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.