Wall Street rallied on Wednesday, and the S&P 500 climbed 1.2% for its best day in two weeks after the Federal Reserve kept the accelerator floored on its support for the economy.
Wall Street rallied Wednesday, and the Standard & Poor’s 500 climbed 1.2% for its best day in two weeks after the Federal Reserve kept the accelerator floored on its support for the economy.
Besides keeping short-term rates pinned at nearly zero, the Federal Reserve also said it will continue to buy about $120 billion in Treasury and mortgage bonds each month to support the economy.Such aid from the Fed, along with stimulus from Congress, helped launch the stock market’s turnaround in March. Congress is also locked in negotiations for more support for the economy, with $600 in weekly unemployment benefits about to expire.
L Brands, the parent company of Victoria’s Secret, soared 35.4% for the biggest gain in the S&P 500 after it laid out plans to slash its annual costs by $400 million, including through laying off workers. The stock had been struggling for years before turning higher in the spring, and analysts say the cost cuts should help bolster the company’s profitability.
Their stocks have grown so valuable that they can sway the S&P 500 and other indexes almost by themselves. Those four, plus Microsoft, account for nearly 22% of the S&P 500’s total value.
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