US stocks rise after Fed keeps interest rates near zero

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New York, July 30 | US stocks ended higher after the Federal Reserve left its interest rates unchanged at near zero.

The Dow Jones Industrial Average on Wednesday rose 160.29 points, or 0.61 per cent, to 26,539.57. The S&P 500 advanced 40.00 points, or 1.24 per cent, to 3,258.44. The Nasdaq Composite Index hiked 140.85 points, or 1.35 per cent, to 10,542.94, Xinhua reported.

All the 11 primary S&P 500 sectors finished higher, with energy and financials both up more than 2 per cent, leading the gains.

Shares of Apple, Amazon, Facebook and Google-parent Alphabet all rose more than 1 per cent. The gains came as the chief executives of those companies testified at an antitrust hearing in defense of their business practices.

Meanwhile, US-listed Chinese companies traded mostly higher, with eight of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

The US central bank on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid a resurgence in Covid-19 cases nationwide.

“The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” the Fed said in a statement after concluding a two-day policy meeting, adding it decided to maintain the target range for the federal funds rate at 0-0.25 per cent.

The Fed cut interest rates to near zero earlier this year in an effort to support the economy amid the pandemic shock.

As of Wednesday afternoon, the United States has reported roughly 4.4 million Covid-19 cases and over 150,000 deaths — both figures the highest worldwide.

Source: IANS

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Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.

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