Dow turns positive for 2020 briefly | Fed makes major shift | Walmart joins TikTok battle

It was a historic day for the Federal Reserve with wide-ranging ramifications for capital markets.

VIEW IN BROWSER | SUBSCRIBE THU, AUG 27, 2020 EVENING BRIEF AS OF THU, AUG 27, 2020 • 04:33 ET DJIA 28492.27 +0.57% +160.35 S&P 500 3484.55 +0.17% +5.82 NASDAQ 11625.34 -0.34% -39.72   Most Active DOW NAME LAST CHG %CHG MSFT 226.58 +5.43 +2.46% WMT 136.63 +5.93 +4.54% AAPL 500.04 -6.05 -1.20% S&P 500 NAME LAST CHG %CHG AAL 13.28 +0.49 +3.87% GE 6.48 UNCH UNCH MSFT 226.58 +5.43 +2.46% NASDAQ NAME LAST CHG %CHG AAL 13.28 +0.49 +3.87% MSFT 226.58 +5.43 +2.46% UAL 36.22 +1.97 +5.75%   EDITOR'S NOTE It was a historic day for the Federal Reserve with wide-ranging ramifications for capital markets.   Fed Chairman Jerome Powell unveiled Thursday a new framework in which the central bank formally agreed to a policy of "average inflation targeting," writes CNBC's Jeff Cox. In other words, the Fed will let inflation run above its 2% target for "some time" after struggling to bring the rate to that area.   Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains in long-term yields.   This is Powell saying they "don't want the job market strong for just Wall Street bankers and people that are doing really well. 'We want it strong for the people that need it the most in this particular time,'" said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities. "It was a very powerful day for Powell" and the Fed.   The news pushed the Dow Jones Industrial Average higher as bank shares, along with Microsoft, drove the gains. The 30-stock average briefly erased its losses for 2020 at one point. However, declines in tech — the leaders since the late-March bottom — capped the broader market's gains.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Fred Imbert | CNBC Markets Reporter @foimbert TOP NEWS  Dow rises more than 100 points, briefly turns positive for 2020 Powell announces new Fed approach to inflation that could keep rates lower for longer 'Powell is on the side of the bulls' — Cramer calls Fed chief's speech 'incredible' for investors Walmart is teaming up with Microsoft on TikTok bid Trump to announce $750 million deal with Abbott for at least 150 million rapid coronavirus tests Abbott Labs jumps as Wall Street says new rapid test may be 'game changer' Jared Kushner on NBA protests over Blake shooting: They're lucky to be 'able to take a night off from work' 25% of U.S. malls are expected to shut within 5 years. Giving them a new life won't be easy Amazon unveils Halo to battle Apple Watch and Fitbit — tracks activity, body fat, emotions Ron Insana: What it means for markets now that the Fed has given up on the Phillips Curve   TOP VIDEO Jared Kushner on NBA players protesting the shooting of Jacob Blake   CNBC PRO DraftKings CEO Jason Robins: Our vision is to be the hub of all betting, not just sports   SPECIAL REPORTS Chegg and two other online-learning stocks may be the best ways to play educational shift Stocks have 'rarely been as attractive relative to bonds,' says Goldman   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