Fed action spurs market recovery
A slightly more upbeat tone on the US economy from the Federal Open Market Committee (FOMC) on Thursday was enough to boost market sentiment on Thursday.
The FOMC said economic activity was now levelling out, a shift from the June statement's view that the pace of economic contraction was slowing.
The committee also noted that conditions in financial markets had "improved further" since June and that household spending had "continued to show signs of stabilising". However, it added that
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