Australia: Shares close higher on Fed pledge; tech stocks shine

[SYDNEY] Australian shares closed higher on Thursday as investors cheered the Federal Reserve's assertion it would use its"full range of tools" to support the virus-stricken US economy, with added lift from tech stocks ahead of a batch of key US earnings.

The S&P/ASX 200 index closed 0.74 per cent higher at 6,051.1, snapping two straight sessions of falls. Fed policymakers reiterated a pledge to keep interest rates near-zero for as long as it takes to recover from the coronavirus pandemic, but warned that the"path of the economy will depend significantly on the course of the virus".

"The fact that the US Federal Reserve had some pretty dovish comments gave investors a bit of confidence that there is going to be that support, even though we continue to see large cases of Covid in Australia," said James Tao, a market analyst at Commsec. Australia reported a record spike in fresh Covid-19 cases with at least 13 deaths and more than 700 new infections mainly in Victoria state.

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US: Wall St opens higher on upbeat earnings; Fed in focus[NEW YORK] Wall Street's main indexes opened higher on Wednesday as a slew of positive earnings updates and hopes for a dovish tone from the Federal Reserve overshadowed concerns about next steps for the government's coronavirus support plan. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »