U.S. stocks climbed,
erasing an earlier loss, after the Federal Reserve said data suggest
economic growth has moderated, fueling speculation it won’t be in a rush
to raise interest rates.
The Standard &
Poor’s 500 Index rallied 1.2 percent to 2,099.26 at 4 p.m. in New York.
The Russell 2000 Index advanced 0.8 percent to a record. The Nasdaq
Composite added 0.9 percent, and briefly climbed back above 5,000.
The central bank said
higher interest rates in April are unlikely and it won’t tighten until
it is “reasonably confident” inflation will return to its target and the
labor market improves further. The Fed also dropped an assurance it
will be “patient” in raising interest rates.
Officials lowered
their median estimate for the federal funds rate at the end of 2015 to
0.625 percent, compared with 1.125 percent in December forecasts. The
median estimate for the end of 2016 declined to 1.875 percent from 2.5
percent, according to the Federal Open Market Committee’s quarterly
Summary of Economic Projections.
Source : Bloomberg
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