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Wall Street Closes Higher After Fed Says Will Keep Rates Low

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FILE - In this Oct. 14, 2020 file photo, pedestrians pass the New York Stock Exchange in New York. Shares are opening mostly lower on Wall Street, Wednesday, March 17, 2021, as investors cautiously await the U.S. central bank’s latest assessment on the economy. (AP Photo/Frank Franklin II, File)

NEW YORK (AP) — Stocks closed higher Wednesday, reversing an early slide after the Federal Reserve reassured Wall Street that it expects to keep its key interest rate near zero through 2023.

The central bank’s renewed commitment to leaving rates at rock bottom lows comes even as its latest economic forecast calls for growth of 6.5% this year and for inflation to climb above 2% for the first time in years. Wall Street has been anxious about the potential for higher inflation to drive up bond yields further and has been looking for signs that the central bank shares its concerns.

Fed Chair Jerome Powell’s remarks during a news conference appeared to do the trick. Major stock indexes had been down for most of the day, led by another wave of selling in technology companies as bond yields rose, driving the closely watched 10-year Treasury yield up to 1.68% at one point, the highest level since January 2020.

After Powell spoke stocks gradually pivoted higher and bond yields fell. The turnaround nudged the S&P 500 and Dow Jones Industrial Average to all-time highs and pulled the tech-heavy Nasdaq out of the red.

“He reassured the market that the Fed is going to the extent possible be patient about even talking about raising rates,” said Willie Delwiche, investment strategist at All Star Charts.

The S&P 500 rose 11.41 points, or 0.3%, to 3,974.12, recovering from a 0.7% slide. The benchmark index has now notched an all-time high 14 times this year. The Dow gained 189.42 points, or 0.6%, to 33,015.37. The Nasdaq, which had been down 1.5%, rose 53.64 points, or 0.4%, to 13,525.20.

Banks, industrial stocks and companies that rely on consumer spending helped lift the market. Those gains outweighed a pullback in health care, utilities and other sectors.

Smaller company stocks, the market’s standout gainers so far this year, also had good day. The Russell 2000 index of smaller companies picked up 16.87 points, or 0.7%, to 2,336.39.

Treasury yields mostly fell, reversing an earlier move higher. The yield on the 10-year U.S. Treasury note, which has surged in recent weeks on inflation concerns, rose to 1.64%, the highest level since February 2020. It hit 1.62% late Tuesday.

Higher yields put downward pressure on stocks generally, in part because they can steer away dollars that had been headed for the stock market and into bonds instead. That makes investors less willing to pay as high prices for stocks.

Investors are betting big that the economic malaise will dissipate as spring arrives and more Americans get vaccinated against the coronavirus. The $1,400 stimulus checks the Biden administration began sending to individuals last weekend are also helping. But faster economic activity could also translate into some degree of inflation.

The Fed policymakers now forecast that the national unemployment rate will drop faster than they did in December: They foresee unemployment falling from its current 6.2% to 4.5% by year’s end and to 3.9%, near a healthy level, at the end of 2022.

That suggests that the central bank will be close to meeting its goals by 2023, when it expects inflation to exceed its 2% target and for unemployment to be at 3.5%. Yet it still doesn’t project a rate hike then.

At least some Fed officials appear to be closer to tightening up the central bank’s ultra-low-rate policies. Four of the 18 policymakers now expect a rate hike in 2022, up from just one in December. And seven predict a hike in 2023, up from five in December.

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Avelo Airlines Expands Lakeland Base with Atlanta, Detroit Flights and Second Aircraft

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LAKELAND, Fla. (FNN)Avelo Airlines is expanding its footprint at Lakeland International Airport (LAL) with the return of nonstop service to Atlanta (ATL), the launch of new spring training flights to Detroit (DTW), and the addition of a second based aircraft to its growing Central Florida hub.

The expansion follows 18 months of successful operations at Lakeland International and reflects strong community support and Avelo’s commitment to offering convenient and affordable air travel for Central Florida passengers.

Avelo’s new service lineup includes:

  • Detroit (DTW): Begins February 11, 2026, with twice-weekly flights on Wednesdays and Saturdays.

  • Atlanta (ATL): Begins February 13, 2026, offering five flights per week on Mondays, Wednesdays, Thursdays, Fridays, and Sundays.

With the addition of these routes, Avelo will now serve 10 nonstop destinations from its Lakeland base.

Flights will be operated with Boeing Next-Generation 737 aircraft, known for their comfort and reliability. Introductory one-way fares start at $34, and tickets are now available for booking at AveloAir.com.

Avelo’s expanded service to Atlanta will provide travelers with greater flexibility and access to key connecting destinations, while the new Detroit route will cater to spring training visitors and those traveling between Florida and the Midwest.

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Maria del Carmen Rodriguez Joins Florida National News as Spanish-Speaking Reporter and Co-Host

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ORLANDO, Fla. (FNN) — Florida National News (FNN) is proud to announce the addition of Maria del Carmen Rodriguez as a Spanish-speaking on-camera reporter and co-host, marking another major step in the network’s statewide expansion and celebration of its 11th anniversary.

Rodriguez joins the growing team at FNN News en Español, where she will bring her bilingual communication skills and cultural insight to the forefront of FNN’s Spanish-language news and lifestyle programming. Her arrival underscores FNN’s commitment to serving Florida’s rapidly growing Hispanic and Latino communities with trusted, relevant, and inspiring storytelling.

FNN President J. Willie David, III stated, “Maria del Carmen Rodriguez represents the next generation of diverse storytellers who connect authentically with our audiences. Her addition reflects FNN’s continued mission to expand across Florida while elevating Hispanic voices in broadcast journalism. We are proud to welcome her as part of our 11th anniversary and our vision for the next decade of growth.”

FNN Vice President Jenny Rosario shared, “Maria brings a natural warmth and professionalism to every story she tells. Her passion for community-driven journalism and ability to connect with Spanish-speaking viewers make her a valuable asset to our team. She will help us continue producing content that truly reflects Florida’s diversity and the stories that matter most.”

FNN Managing Editor Monica Hoyos added, “We’re excited to have Maria join the newsroom and our on-camera team. Her bilingual storytelling ability and dedication to authentic, people-centered reporting will strengthen both our English and Spanish platforms. She embodies the spirit of connection and inclusion that defines Florida National News.”

As Florida National News moves into its next decade, the network is expanding its presence across Florida with enhanced on-camera reporting, bilingual programming, and original digital content through FNN News Network, FNN Sports Network, and FNN News en Español — continuing its mission to inform, inspire, and empower communities statewide.

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News@FloridaNationalNews.com

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Khamare Farrar Joins Florida National News as Part of Network’s 11th Anniversary and Statewide Expansion

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On-Camera Reporter and Co-Host Khamare Farrar Joins Florida National News. Photo by Florida National News

ORLANDO, Fla. (FNN) — Florida National News (FNN) proudly announces the addition of on-camera reporter and co-host Khamare Farrar to its expanding newsroom team. Farrar joins as part of FNN’s 11th anniversary celebration and the network’s ongoing statewide expansion across its English and Spanish platforms.

FNN Managing Editor Monica Hoyos on the set of the Florida National News Podcast en Español with new On-Camera Reporter and Co-Host Khamare Farrar.
Photo by Florida National News

Farrar’s arrival represents another milestone in FNN’s mission to amplify diverse voices and deliver trusted, impactful storytelling across Florida. The growing team will continue to strengthen coverage in entertainment, business, politics, and community-focused “Good News & Reviews” segments.

FNN President J. Willie David, III said, “Khamare’s professionalism, energy, and on-camera presence embody the next generation of journalists we’re proud to welcome to Florida National News. As FNN continues to grow its statewide footprint, we’re committed to providing more original programming, exclusive interviews, and engaging storytelling that informs and inspires our viewers.”

FNN Vice President Jenny Rosario added, “We’re building something truly special — a network that reflects Florida’s diversity and brings forward voices that matter. Khamare’s addition strengthens our entertainment and lifestyle coverage, and her charisma will resonate with our audiences across all platforms.”

FNN Managing Editor Monica Hoyos shared, “We’re thrilled to have Khamare join our newsroom team as both a reporter and co-host. Her enthusiasm, curiosity, and storytelling skills will help us continue producing compelling news and feature segments that connect with our audiences worldwide.”

As Florida National News moves into its next decade, viewers can expect expanded coverage, more on-camera reporting, and innovative digital programming through FNN News Network, FNN Sports Network, and FNN News en Español.

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News@FlordiaNationalNews.com

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