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July 14, 2020, 2:23 p.m. EDT

Dow rises 430 points as Brainard urges Fed to shift to stimulus as 'thick fog of uncertainty' surrounds coronavirus-battered economy

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By Mark DeCambre

U.S. stock benchmarks added to gains Tuesday afternoon after Federal Reserve Gov. Lael Brainard painted a grim outlook for the economy facing the COVID-19 pandemic, but said she advocated for policy that would stimulate the virus-beaten business sector. Brainard said Fed policy should do more to boost the economy and said she championed keeping current interest rates, currently at a range of 0% to 0.25%, until inflation returned to the central bank's 2% target. Brainard, speaking online, said that monetary and "fiscal support will remain vital," to the economic rebound. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% was up 430 points, or 1.6%, at 26,511, the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.06% was up 0.9% at 3,183, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.87% , which had been under pressure all session, was up 0.4% at 10,439. "The recent resurgence in COVID cases is a sober reminder that the pandemic remains the key driver of the economy's course," she said. "A thick fog of uncertainty still surrounds us, and downside risks predominate." Brainard is viewed as dovish, or accommodative, member of the Fed's rate-setting Federal Open Market Committee. As a Fed governor, she maintains voting status.

US : Dow Jones Global
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
US : U.S.: Nasdaq
-97.09 -0.87%
Volume: 3.85M
Aug. 7, 2020 5:16p

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