Fed Lifts Stock Markets; Abbott's $5 Quick Test Gives Travel Stocks Big Gains
The stock market has been extremely optimistic about the prospects for a quick end to the COVID-19 pandemic, and nearly every sign of potential success in moving forward with greater prevention or evaluation of the disease gets a favorable reception from market participants. That was definitely the case on Thursday morning, and helpful comments from the Federal Reserve also helped boost spirits on Wall Street. Shortly before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 265 points to 28,597. The S&P 500 (SNPINDEX: ^GSPC) picked up 18 points to 3,497, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 32 points to 11,697.
The Fed's announcement that it will be willing to accept slightly higher inflation rates gave investors more confidence that the central bank won't do anything to pull away accommodative monetary policy measures anytime soon. Meanwhile, news of a $5 COVID-19 test from Abbott Laboratories (NYSE: ABT) helped boost not only the healthcare company's stock but also shares of travel companies that are relying on a permanent coronavirus solution sooner rather than later.
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Source Fool.com
