Stocks rally, Fed warns, rates same, Aid bill battles

By The Associated Press | Posted - Jul. 29, 2020 at 3:28 p.m.



NEW YORK (AP) — Wall Street rallied today with the S&P up 1.2%, gaining 40.00 points to 3,258.44 for its best day in two weeks after the Federal Reserve kept the accelerator floored on its support for the economy. Stocks began rising as soon as trading opened, and momentum picked up after the Fed said in the afternoon that it will keep interest rates at their record low as the economy struggles through the recession created by the coronavirus pandemic. Tech stocks again helped lead the way. The Dow rose 160.29, or 0.6%, to 26,539.57, and the Nasdaq composite added 140.85, or 1.4%, to 10,542.94.

WASHINGTON (AP) — The Federal Reserve expressed concern today that the viral outbreak will act as a drag on the economy and hiring in the coming months and said it plans to keep its benchmark short-term interest rate pegged near zero. In a statement at the end of its policy-making meeting, the Fed acknowledged that the economy has rebounded from the depths of March and April, when nearly all states closed down nonessential businesses. But it said the ongoing coronavirus pandemic “will weigh heavily on economic activity, employment and inflation.” The Fed announced no new policies in its statement.

WASHINGTON (AP) —President Donald Trump is dismissing Democratic demands to include aid for cash-strapped cities in a new coronavirus relief package. Trump is also lashing out at Republican allies as talks stalemate over assistance for millions of Americans. And on Capitol Hill, another lawmaker tested positive for the virus. Republicans are signaling they may be willing to swiftly approve a modest package to prevent a $600 weekly unemployment benefit from expiring Friday. House Speaker Nancy Pelosi roundly rejects that approach as meager, all but forcing Republicans back to the negotiating table.

WASHINGTON (AP) — A key House lawmaker investigating Big Tech’s power is squarely targeting Amazon. During a house hearing today, the Democratic chair of the House Judiciary panel told Amazon CEO Jeff Bezos that evidence shows that the e-commerce giant is only interested in dominating the market and is “fundamentally anti-competitive.” And says that “Congress must take action.” The panel is looking at possible new legislation to update century-old antitrust laws. But Republican Rep. James Sensenbrenner rejects the idea that legislation is needed — showing it could be a difficult mission for Democrats in Congress.

LIBERTY, Mo. (AP) — Two U.S. representatives have introduced legislation that would ban greyhound racing in the U.S. The bill introduced today comes after a group that has fought against dog racing said it has videos showing racing greyhounds being trained with live rabbits in at least three Midwestern states. The group, GREY2K USA, sent videos of the live lure training to officials in Kansas, Oklahoma and Texas, where it says an animal rights investigator shot the footage this year. The videos also were sent to Iowa, Arkansas, Florida and West Virginia, states where GREY2K says the dogs were bred, where they raced or where their owners were licensed.

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The Associated Press

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