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

(Updates with Fed announcement, reaction, market moves)
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 U.S. 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, saying the path of the economy will depend
significantly on the course of the virus. "This was pretty much as expected," said Stan Shipley, a
macro research analyst with Evercore ISI in New York, noting the
Fed had already done a lot. "The key statement will be in
September when they give some forward guidance." Investors must now watch to see if Congress can agree on
fresh economic support measures. U.S. President Donald Trump
said on Wednesday that his administration and Democrats in
Congress were still far apart in their efforts to agree on a
coronavirus relief bill. MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.93% following slight losses in Europe and broader
declines in Asia.
In afternoon trading on Wall Street, the Dow Jones
Industrial Average .DJI rose 167.57 points, or 0.64%, to
26,546.85, the S&P 500 .SPX gained 41.4 points, or 1.29%, to
3,259.84 and the Nasdaq Composite .IXIC added 160.88 points,
or 1.55%, to 10,562.97. 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 having forced some states
to make a U-turn on reopening their economies. Asia and Europe have also been hit by new surges in novel
coronavirus 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, gold XAU= prices resumed their climb and
added 0.9% to $1,975.97 an ounce.
Benchmark U.S. Treasury 10-year notes US10YT=RR last rose
2/32 in price to yield 0.587%, from 0.581% late on Tuesday.
The dollar index =USD fell 0.59% amid inflation fears,
with the euro EUR= up 0.72% to $1.1798. 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 0.46% to $41.23 per barrel and Brent
LCOc1 was at $43.67, up 1.04% on the day.

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