Stocks open mostly higher after Fed says rates will stay low
NEW YORK (AP) — Stocks are opening mostly higher on Wall Street after the Federal Reserve said it would keep interest rates low even if inflation tops its 2% target. Fed Chair Jerome Powell announced the policy change in a highly anticipated speech. The S&P 500 was up 0.2% in the early going, a day after setting its latest record high. Losses for some big technology companies including Facebook held the gains in check. Treasury yields bounced around as traders absorbed the Fed’s new policy, and were trending higher. The price of gold, which would benefit from a long period of low rates, rose 1%.
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