The daily business briefing: January 31, 2019

The Fed leaves interest rates unchanged in new "patient" approach, Facebook shares jump after better-than-expected earnings, and more

A smartphone with the Facebook logo
(Image credit: LOIC VENANCE/AFP/Getty Images)

1. Fed keeps rates unchanged in new 'patient' approach

The Federal Reserve kept interest rates unchanged and signaled that it's done with its steady pace of hikes, for now. In a shift, the Federal Open Market Committee said it "will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate." The news sent stocks rising sharply, with the Dow Jones Industrial Average rising 1.8 percent to close above 25,000 for the first time since Dec. 4. The broader S&P 500 closed up by 1.6 percent, while the tech-heavy Nasdaq surged by 2.2 percent. U.S. stock index futures were mixed early Thursday ahead of weekly jobless claims and other economic data.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us