GLOBAL MARKETS-Stocks gain and dollar falls as Fed keeps rates near zero

(Updates with U.S. market close information, Fed comments)
By David Randall and Lawrence Delevingne
NEW YORK/BOSTON, July 29 (Reuters) - U.S. stocks gained
further and the U.S. dollar fell on Wednesday as investors
reacted to the Federal Reserve's decision to keep interest rates
at ultra-low levels.
The Fed repeated a pledge to use its "full range of tools"
to support the U.S. economy and keep interest rates near zero
for as long as it takes to recover from the fallout from the
coronavirus outbreak. "We have seen some signs in recent weeks that the increase
in virus cases and the renewed measures to control it are
starting to weigh on economic activity," Fed Chair Jerome Powell
told a news conference. Stan Shipley, a macro research analyst with Evercore ISI in
New York, said the Fed's accommodative reaction to economic
conditions was "pretty much as expected," given all it has done
already. Investors must now watch to see if Congress will agree on
how to continue its own support for the economy. U.S. President
Donald Trump said on Wednesday that his administration and
Democrats in Congress were still "far apart" on a new
coronavirus relief bill. MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.84% following slight losses in Europe and broader
declines in Asia.
Wall Street trading ended Wednesday broadly positive, as the
Dow Jones Industrial Average .DJI rose 160.29 points, or
0.61%, to 26,539.57; the S&P 500 .SPX gained 40.01 points, or
1.24%, to 3,258.45; and the Nasdaq Composite .IXIC added
140.85 points, or 1.35%, to 10,542.94.
Among U.S. stocks to advance were Starbucks Corp SBUX.O ,
which saw its business "steadily recovering," and Advanced Micro
Devices AMD.O , which surged after it raised its revenue
forecast. Boeing BA.N shares fell after a bigger-than-expected
loss. Deaths from the novel coronavirus in the United States
registered their biggest one-day increase since May on Tuesday,
with this month's spike in infections forcing some states to
make a U-turn on reopening their economies. Asia and Europe have also been hit by new surges in
infections, with several countries imposing new restrictions and
Britain imposing 14-day quarantines on travelers from Spain.
Traditional safe haven assets were mixed.
After a pause, the price of gold XAU= resumed its climb
and added 0.4% to hit $1,966.80 an ounce.
Benchmark U.S. Treasury 10-year notes US10YT=RR rose 3/32
in price to yield 0.5724%, from 0.581% late on Tuesday.
The dollar index =USD fell 0.45% on inflation fears, among
other factors, and the euro EUR= rose 0.56% to $1.178.
Oil prices climbed after a surprise drop in U.S. crude
inventories was enough to offset concerns about U.S. fuel
demand, though concerns about the record increases in COVID-19
infections kept gains in check. U.S. crude CLc1 rose 0.56% to $41.27 per barrel and Brent
LCOc1 was at $43.77, up 1.27% on the day.

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MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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