Dow jumps 400 pts, Nasdaq up 4% on Powell remarks

Wednesday, 27. July 2022 20:46

Stocks on Wall Street surged on Wednesday amid Feral Reserve Chair Jerome Powell's comments following the bank's latest rate hike. After the Fed raised rates by 75 basis points, Powell hinted the bank could slow the pace of further rate hikes.

The Dow Jones jumped 1.25% or 402 points at 2:45 pm ET. The best performer was Microsoft, whose shares soared 6.51% at 2:50 pm ET.

The Nasdaq 100 rallied 4% at 2:46 pm ET with PayPal, up 12%, leading the gains.

The S&P 500 surged 2.29% at 2:47 pm ET with Enphase Energy skyrocketing 17.34% at 2:51 pm ET.

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