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US stocks end mixed after Fed's new approach to inflation
TIWN
US stocks end mixed after Fed's new approach to inflation
PHOTO : TIWN

New York, Aug 30 (TIWN) Wall Street's major averages closed mixed as investors pored through the US Federal Reserve's new policy strategy on inflation and a slew of key economic data.

The Dow Jones Industrial Average rose 160.35 points, or 0.57 percent, to 28,492.27. The S&P 500 increased 5.82 points, or 0.17 percent, to 3,484.55. The Nasdaq Composite Index fell 39.72 points, or 0.34 percent, to 11,625.34.  Eight of the 11 primary S&P 500 sectors climbed, with financials and real estate up 1.7 percent and 1.4 percent, respectively, outpacing the rest. Communication services dipped 1.3 percent, the worst-performing group.  Meanwhile, U.S.-listed Chinese companies traded mostly lower, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.  Fed Chairman Jerome Powell announced on Thursday that the central bank will seek to achieve inflation that averages 2 percent over time, a new strategy for carrying out monetary policy to help fight the COVID-19 pandemic and boost economic recovery.

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