S&P 500 closes at record as investors parse Fed's historic policy shift

U.S. stocks closed mostly higher on Thursday after the Federal Reserve said it would aim for an average inflation target of 2%, a move that affirmed its easy policy stance. The S&P 500 rose 0.2% to end around 3,485. The Nasdaq Composite fell 0.3% to finish around 11,625, but hit an intraday record earlier in the day. The Dow Jones Industrial Average advanced 160 points, or 0.6%, to end near 28,492, based on preliminary numbers. Thursday's trading was choppy as investors looked to understand the implications of the Fed's new policy. Shares of Abbott Laboratories rose more than 7% after the U.S. Food and Drug Administration granted emergency-use authorization for the company's coronavirus test.

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