Dow Shows A Big Rally Of 600 Points
Stocks jumped higher on Wednesday after Federal Reserve Chairman Jerome Powell stated interest rates are close to neutral. A change in tone from comments the central bank chief made nearly two months ago.
Dow Jones climbed 2.5 percent to 25,366.43 reporting its largest one session gain since March 26. The stock index stated its second best day of the year and is up more than 1,000 points for the week. S&P 500 jumped 2.3 percent to 2,743.82. Nasdaq Composite rose 2.95 percent and ended at 7,291.59 posting its best day since Oct 25. The three major indexes show positive signs for Wednesday.
Most tech shares rose on Wednesday recovering some of their recent intense losses. Amazon and Netflix gained 6 percent and Apple and Alphabet rose more than 3.5 percent. Facebook jumped 1.3 percent.
Relieving worries of US and China trade also boosted stocks on Wednesday. A New York Times report said the president was worried about the outcome of a long trade war with China on markets and the economy. This may guide President Trump to make a compromise with China.
Euro rose 0.1 percent to $1.1377 per euro
Japanese yen fell 0.26 percent to 113.39 yen per dollar
Great Britain Pound rose 0.05 percent to $1.283 per pound