24 September, 2021
U.S. stocks closed higher on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates. Upbeat outlooks from Accenture and Salesforce helped to bolster the market, while the U.S. Food and Drug Administration late Wednesday authorized a booster dose of the Pfizer-BioNTech COVID-19 vaccine for those 65 and older. Also helping sentiment, concern about a ripple effect from China Evergrande continued to ease. The Fed said on Wednesday it could begin reducing its monthly bond purchases by as soon as November, and that interest rates could rise quicker than expected by next year. The November deadline was largely priced in by markets. Investors shrugged off data showing sluggish business activity growth and a rise in jobless claims, in line with expectations for a slowdown in economic growth in the third quarter.