Stocks surge after Powell says Fed will slow down interest-rate hikes

The Federal Reserve will slow down the pace of interest-rate hikes, Chair Jerome Powell said on Wednesday, giving markets hope that the aggressive cycle of rate increases will ease up.

Stock markets surged in afternoon trading, with the S&P 500 gaining 3.1% to close at 4,080. The Dow rose 2.2%, to 34,590, while the tech-heavy Nasdaq soared 4.4%.Powell noted that, while the central bank may ultimately raise rates to a higher level than it initially planned, it would do so in smaller increments.

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