Stocks rise | Kodak surges | Fed holds steady

Stocks rose as the Federal Reserve kept interest rates unchanged.

VIEW IN BROWSER | SUBSCRIBE WED, JUL 29, 2020 EVENING BRIEF AS OF WED, JUL 29, 2020 • 04:21 ET DJIA 26539.57 +0.61% +160.29 S&P 500 3258.44 +1.24% +40.00 NASDAQ 10542.94 +1.35% +140.85   Most Active DOW NAME LAST CHG %CHG INTC 48.07 -1.17 -2.38% BA 166.01 -4.83 -2.83% PFE 39.26 +0.24 +0.62% S&P 500 NAME LAST CHG %CHG GE 6.59 -0.30 -4.35% AMD 76.09 +8.48 +12.54% BAC 25.27 +0.91 +3.74% NASDAQ NAME LAST CHG %CHG AMD 76.09 +8.48 +12.54% INTC 48.07 -1.17 -2.38% AAL 11.40 -0.37 -3.14% EDITOR'S NOTE Kodak stock has surged nearly 1,500% this week after the U.S. government awarded the company a $765 million loan to start producing drug ingredients under the Defense Production Act.   Call it a Kodak moment. Who knew that a once-bankrupt company that lost its iconic status to digital photography would be the place to be? A stock posting a 52-week low of $1.50 was trading as high as nearly $60 per share on Wednesday before settling lower.   Most of the focus on Wednesday, however, was on the Federal Reserve, which did not change interest rates or its policy of doing whatever it takes to meet the economic challenges of the coronavirus pandemic.   "The path of the economy is going to depend on the path of the virus," Fed  Chairman Jerome Powell said. "That is just a very important fact of the economy right now."   Also on Wednesday, Amazon CEO Jeff Bezos, Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai defended themselves before lawmakers looking for ways to regulate the internet, but their testimony had little effect on stocks, which ended the day higher.   Going forward, investors continue to monitor the size of the next stimulus bill. "This will be very important as a number of companies have called out how government support has been crucial to the recovery and businesses anticipate that more will be needed," wrote David Lefkowitz, head of equities for the Americas at UBS Global Wealth Management.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow jumps as tech shares lead, Fed keeps keeps rates unchanged near zero Kodak executive chairman addresses jump in trading activity before government deal was announced Fed keeps rates near zero — it's good to borrow at low interest rates, experts say. Here's what else it means for your wallet Mnuchin says Republicans and Democrats are 'far apart' on coronavirus relief bill as talks continue Track the latest corona virus news here BlackRock's Rieder says dollar decline to continue, reflects growing U.S. debt Biden allies wage shadow campaign to stop Kamala Harris from becoming vice president J.C. Penney liquidation 'not in the cards,' as retailer moves toward a sale this fall Trump tells suburban voters they will 'no longer be bothered' by low-income housing Shopify shares jump 7% after hot e-commerce company says second-quarter revenue increased 97%     TOP VIDEO GE CEO: We're confident in an eventual aviation rebound   CNBC PRO Morgan Stanley raises Tesla 'bull case' target to $2,500, but still keeps underweight rating   SPECIAL REPORTS How stock performance could predict a Trump win this November, says LPL Financial How two traders are betting on consumer staples in an uncertain Covid environment   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS