U.S. stocks closed mostly higher on Thursday after the Federal Reserve said it would aim for an average inflation target of 2%, a move that affirmed its easy policy stance. The S&P 500 rose 0.2% to end around 3,485. The Nasdaq Composite fell 0.3% to finish around 11,625, but hit an intraday record earlier in the day. The Dow Jones Industrial Average advanced 160 points, or 0.6%, to end near 28,492, based on preliminary numbers. Thursday's trading was choppy as investors looked to understand the implications of the Fed's new policy. Shares of Abbott Laboratories(ABT) rose more than 7% after the U.S. Food and Drug Administration granted emergency-use authorization for the company's coronavirus test.
-Sunny Oh; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 27, 2020 16:44 ET (20:44 GMT)
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