Fed Raises Discount Rate by Quarter-Point to 0.75%
The Federal Reserve Board raised the discount rate charged to banks for direct loans by a quarter point to 0.75 percent and said the move will encourage financial institutions to rely more on money markets rather than the central bank for short-term liquidity needs.
U.S. stock markets moved higher Thursday after the Labor Department said filings for initial jobless benefits rose by 31,000 last week.
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