FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File PhotoWall Street's major indexes closed higher on Wednesday with the Nasdaq's 1.6 per cent advance leading gains, after the US Federal Reserveand comments from its top official fuelled investor optimism rate hikes were done even though the central bank left the door open for more.
This was because the Fed's top official"wasn't as assertive about higher-for-longer" rates as he has been in past press conferences, according to Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. The Dow Jones Industrial Average rose 221.71 points, or 0.67 per cent, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05 per cent, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64 per cent, to 13,061.47.
Earlier, the stock market was boosted from falling bond yields after the US Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November-January quarter and expects it will need one more additional quarter of increases after this to meet its financing needs.
Advancing issues outnumbered declining ones on the NYSE by a 2.36-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored advancers.
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