Dow jumps 382 points as Fed eases into next moves

National Association of Home Builders CEO argues the pandemic has led to consumers changing their preferences for homes, opting for new homes that can be modified to include outdoor space and a gym.

U.S. stocks picked up momentum in the final hour of trading after the Federal Reserve announced it will keep interest rates unchanged and speed up the process for tapering of its bond purchases to $30 billion per month.    

The Dow Jones Industrial Average gained 382 points, or 1%, while the S&P 500 and the Nasdaq Composite jumped by 1.6% and 2%, respectively.

Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 35365.44 -532.20 -1.48%SP500 S&P 500 4620.64 -48.03 -1.03%I:COMP NASDAQ COMPOSITE INDEX 15169.682092 -10.75 -0.07%

Federal Reserve chairman Jerome Powell acknowledged inflation rose way faster than policymakers expected, and said the job market will take longer than expected to recover because people are choosing to stay out of the…

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