Dow soars 700 points at close on Powell's remarks

Wednesday, 30. November 2022 22:01

Major indexes on Wall Street closed sharply higher on Wednesday as investors digested Federal Reserve Chair Jerome Powell's remarks. Powell signaled the central bank could start slowing the pace of interest rate hikes from December and stressed he would not want the Fed to "overtighten" rates.

The Dow Jones surged 2.16% or 730 points. The best performer was Microsoft, whose stock rallied 6.16%.

The Nasdaq 100 skyrocketed 4.58%. Workday led the gains as its shares soared 17.17% on better-than-expected earnings.

The S&P 500 jumped 3.08% with Estee Lauder gaining 9.70%.

The euro rallied 0.79% against the dollar to sell for 1.04075 at 3:59 pm ET.

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Author:
Baha Breaking News (BBN) / NP