Shares, US$ climb as Fed lays out new inflation plan

On Wall Street, the Dow Jones Industrial Average rose 0.57% and the S&P 500 gained 0.17%. The Nasdaq Composite dropped 0.34%.

NEW YORK: A gauge of world equity markets and the dollar rose on Thursday after the U.S. Federal Reserve said it would roll out an aggressive new strategy that aims to boost employment and allow inflation to run a bit faster for longer than in the past.

Yields gained on longer-dated government bonds as Fed Chair Jerome Powell laid out a policy that aims for 2% inflation on average so that too-low a pace would be followed by an effort to lift inflation "moderately above 2% for some time."