Stocks continued their rally on Friday morning, a day after the Federal Reserve announced a new strategy that will keep interest rates low for an extended period. Investors also weighed new consumer spending data. The Commerce Department said that consumer spending rose 1.9% in July, above the Reuters consensus forecast of 1.5% growth but down from a 6.2% increase in June. However, spending could decline in the coming months in the absence of new fiscal stimulus, including
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