U.S. stocks rallied Wednesday afternoon after Federal Reserve Chairman Jerome Powell said the central bank could slow the pace of interest-rate hikes in December.
“The time for moderating the pace of rate increases may come as soon as the December meeting,” Powell said during a speech at the Brookings Institution. The S&P 500 SPX, +1.92% gained 15.86 points, or 0.4%, to 3,973.49. The Dow Jones Industrial Average DJIA, +1.06% advanced 17.11 points, or 0.1%, to 33,869.64. The Nasdaq Composite COMP, +3.17% gained 106.25 points, or 1%, to 11,090.03.
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