L Brands Inc LB:NYSE

Last Price$29.61Cboe Closing Price as of 3:59PM ET 9/24/20
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Today's Change-0.49(1.63%)
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Stocks End Higher as Federal Reserve to Use 'Full Range of Tools' to Bolster Economy Amid Amid Pandemic

4:40PM ET 7/29/2020 MT Newswires
Equities ended higher, buoyed by the Federal Reserve saying it would use "its full range of tools" to bolster the US economy as it recovers through the continuing COVID-19 pandemic.

As expected, the Federal Open Market Committee said that it would keep its benchmark lending rate target at between zero and 0.25% for the near future.

"The committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the Fed said in a statement, adding that "the path of the economy will depend significantly on the course of the virus."

Most states in recent weeks have seen surges in cases of the respiratory disease, and a number of them have paused or reversed moves to reopen their economies after being shuttered for weeks in the spring.

"In short, this is a holding operation, pending developments with both the virus itself and fiscal policy," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

All 11 sectors that comprise the Standard & Poor's 500 ended higher, with seven adding more than 1%.

Falling US crude stockpiles last week helped to lift energy shares more than 2.1%. The Energy Information Administration reported that inventories fell almost 11 million barrels last week, more than offsetting a 4.9-million barrel build the week before. West Texas Intermediate rose 0.5% to $41.25 a barrel while international benchmark Brent added nearly 1.3% to $43.77 a barrel.

Exxon Mobil (XOM) and Chevron (CVX) each firmed 1.1%.

Financials rose 2%. American Express (AXP) and JPMorgan Chase (JPM) each gained 2.4%. Travelers (TRV) advanced 1.6%.

Industrial and tech shares each jumped about 1.5%. Caterpillar (CAT) added 1.8%, and Apple (AAPL) rose 1.9%. Boeing (BA) fell 2.8% after the planemaker's second-quarter results missed expectations.

Advanced Micro Devices (AMD) surged about 13% after the chip maker raised its 2020 sales forecast late Tuesday and beat sales expectations in the second quarter.

Consumer discretionary shares finished 1.1% higher, led higher by Amazon.com's (AMZN) 1.1% rise. Starbucks (SBUX) rose 3.7%, and L Brands (LB) soared more than 35%.

General Electric (GE) dropped 4.4% after the industrial conglomerate swung to a wider-than-expected loss in the June quarter. General Motors (GM) slipped 1.7% after the automaker's loss was less than anticipated and its revenue came in slightly ahead of views.

The Dow Jones Industrial Average finished 0.6% higher, and the Standard & Poor's 500 gained 1.2%. The Nasdaq Composite rose about 1.4%.