Following comments from Federal Reserve Chairman Jerome Powell, stocks rose on Friday as investors put aside worries about rising interest rates.
After reaching session highs where it was up more than 200 points, the Dow Jones Industrial Average gained 318 points, or 0.9%. The tech-heavy Nasdaq rose about 1%, while the S&P 500 increased by around 0.6%.
Following the publication of Powell’s remarks, stocks were erratic, with the three indexes temporarily rising before declining.
Regarding Powell’s speech, Quincy Krosby, chief global strategist for LPL Financial, said there were “no huge surprises for the market.” The market might be disappointed that he didn’t publicly announce that we’ll be pausing; the market has been in a desperate state for months and wants to declare that the Fed is done.
Source (CNBC)
