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US stock indexes close up more than 1% as investors assess Fed news

Business & Finance

US stocks gained more than 1% on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates.

The Dow Jones Industrial Average rose 506.5 points or 1.48% to 34,764.82, the S&P 500 gained 53.34 points or 1.21% to 4,448.98 while the Nasdaq Composite added 155.40 points or 1.04% to 15,052.24.

Upbeat outlooks from Accenture and Salesforce helped to bolster the market, while the US Food and Drug Administration late Wednesday authorised a booster dose of the Pfizer-BioNTech COVID-19 vaccine for those 65 and older.

Also helping sentiment is that concern about a ripple effect from Chinese property developer Evergrande continued to ease even as Reuters reported that some holders of the firm’s dollar bonds had given up hope of getting a coupon payment by a key Thursday deadline.

The Fed said o

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