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.The Federal Reserve repeated a pledge to use its full range of policy tools to assist the economyAustralian shares are set for a positive session, with the futures up 0.9 per cent
The Fed kept official interest rates on hold, as expected, after the conclusion of its two-day meeting."The path of the economy will depend significantly on the course of the virus."The Fed's repeated pledge to use its full range of tools to support the economy and keep interest rates near zero boosted stocks.
The Dow Jones Industrial Average rose 0.6 per cent to 26,540, the S&P 500 gained 1.2 per cent to 3,258 and the Nasdaq Composite added 1.4 per cent to 10,543 with the big tech firms boosting the Nasdaq.Starbucks Corp climbed 3.7 per cent after the coffee chain said business was "steadily recovering" worldwide and it would report a profit in the current quarter.
The share market bears no resemblance to the rest of the economy. Its just a gambling den for the rich.
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