S&P 500 ticks up as ‘era of easy money’ looks set to last

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FILE - Marble sculptures occupy the pediment above the New York Stock Exchange signage, Tuesday Aug. 25, 2020, in New York. Stocks are pushing further into record heights on Wall Street Thursday, after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates lower for longer. (AP Photo/Bebeto Matthews)
NEW YORK (AP) — The S&P 500 ticked further into record territory on Thursday after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates low for longer. The benchmark index rose 0.2%, to another all-time high, but it veered through a jumbled day of trading to get there. Prices for stocks, bonds and gold all made several U-turns after Fed Chair Jerome Powell gave a highly anticipated speech. In it, he essentially said the Fed may continue efforts to prop up the economy even if inflation rises above its target level of 2%, as long as it had been weak before then. The change in the Fed's strategy is a huge deal for markets. The central bank has been the superhero repeatedly rescuing them from crises through the years, by slashing short-term
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