ECONOMICS: US Stocks Rise in Wake of Powell Speech
U.S. stocks climbed in afternoon trade on Wednesday after Federal Reserve Chairman Jerome Powell said in a speech that interest rates are just below neutral, suggesting fewer rate hikes were coming in 2019, Trading Economics reported. The Fed chair's latest remarks compare to his October observation on rates, in which he said "we're a long way from neutral at this point, probably." The Dow Jones jumped 2% to 25,236; the S&P 500 climbed 1.6% to 2,726; and the Nasdaq rose 2% to 7,225 around mid-afternoon.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.