The S&P 500 opened at an all-time high for the fifth time this week on Friday as the prospect of super-low interest rates for a prolonged period and bets on a medical solution to the COVID-19 pandemic spurred risk appetite.

The S&P 500 opened higher by 10.14 points, or 0.29 percent, at 3,494.69.

The Dow Jones Industrial Average rose 109.02 points, or 0.38 percent, at the open to 28,601.29 and the Nasdaq Composite gained 63.94 points, or 0.55 percent, to 11,689.28 at the opening bell.

The Fed’s widely-awaited shift in its policy framework, unveiled on Thursday, saw the central bank place more emphasis on boosting economic growth and less on worries about letting inflation run too high. The policy aims for 2 percent inflation on average so that too low a pace would be followed by an effort to lift inflation “moderately above 2 percent for some time.”

Stocks initially jolted higher as investors bet interest rates would remain low for longer and more stimulus was likely.

But share markets have since been choppy, with some traders disappointed that the Fed did not reveal more details about how the new framework will work or provide any clues as to what it will do at its next policy meeting.

The Euro STOXX 50 recovered from earlier losses and was last up 0.03 percent, while Germany’s DAX slid 0.49 percent. Britain’s FTSE 100 was 0.4 percent higher.

Japanese shares dropped, with the Nikkei 225 down 1.4 percent. Abe resigned on Friday because of a chronic health condition, saying he would stay as prime minister until a new leader was appointed.

There has been speculation about his health all week.

Asian shares outside of Japan limped higher, with the MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.19 percent.

“This is a negative for Japanese stocks because it raises questions about what polices come next. We do see the familiar pattern of falling stocks pushing up the yen,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.

The yen, seen as a safe-haven currency to buy in times of uncertainty, jumped 0.4 percent to 106.12 yen per dollar.

Elsewhere in currency markets the dollar dropped 0.6 percent against a basket of other currencies.

The greenback has fallen sharply since June as many analysts are predicting more pain ahead given US rates are likely to stay low for longer and the political uncertainty before the US presidential election in November.

The euro seized on the dollar’s weakness to gallop another 0.7 percent higher and was last at US$1.1905, close to a more than two-year high it recently touched.

The 10-year US Treasury yield rose to as high as 0.789 percent, the most since June 10, which caused the yield curve to steepen, reflecting the Fed’s tolerance for higher inflation. It was last at 0.7671 percent, still up 2 basis points on the session.

Crude oil prices dipped as a massive storm raced inland past the heart of the US oil industry in Louisiana and Texas without causing any widespread damage to refineries.

Brent crude fell 0.47 percent to US$44.88 a barrel. US West Texas Intermediate (WTI) crude dropped 0.49 percent to US$42.83 per barrel.

Gold prices bounced 1 percent, with the spot price at US$1,949 an ounce. The precious metal tends to perform well when the dollar is weak and the US central bank sends a dovish message on the future path of interest rates.