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US shares gain amid renewed Fed promise to get economy through coronavirus – ABC News
The US Federal Reserve warns the economy will not recover until the nation controls coronavirus, but also promises to do whatever it takes to head off a worse downturn.
The head of the US central bank says the surge in coronavirus cases in the United States and restrictions to stem the spread have started to hurt the country’s economic recovery.
Key points:
- The Federal Reserve repeated a pledge to use its full range of policy tools to assist the economy
- US stocks gained, with the Nasdaq up 1.4 per cent and the S&P 500 up 1.2 per cent
- Australian shares are set for a positive session, with the futures up 0.9 per cent
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