The Dow Jones Industrial Average jumped 932 points, or 2.8%, to close at 34,061. The S&P 500 gained almost 3%, while the tech-heavy Nasdaq jumped 3.2%. The S&P saw its best daily performance since May 2020, according to FactSet.
— which marks the biggest increase since 2000 — and signaled their relief through the market rally.
Powell indicated that the central bank is considering additional 0.5% rate increases at its next two meetings, but added that the Fed isInvestors are worrying about whether the Fed can pull off the delicate dance to slow the economy enough to halt high inflation, but not so much as to cause a downturn. Still, the market cheered the Fed's latest moves.
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