The S&P 500 gained 80.19 points, or 1.84%, to 4,385.62 points, while the Nasdaq gained 217.26 points, or 1.61%, to 13,749.72. The Dow Jones Industrial Average rose 595.01 points, or 1.78%, to 33,892.33.
Jerome Powell’s comments to the House Financial Services Committee on Wednesday helped calm investors. The Fed chairman said he is leaning towards supporting a 25 basis point rate hike in March..
This statement brought predictability to the market, as now Traders now see a 95% chance that Powell’s forecast will come to pass. It should be noted that the Russian invasion of Ukraine sent the markets into a tailspin and, after these statements, the closings closed higher and recovered part of the losses.
All 11 sector indices of the S&P 500 advanced, with financials rising after falling sharply so far this week. The bank index also rebounded after hitting a low since September in the previous session.
Meanwhile, energy sector stocks resumed their upward march, with the S&P 500 energy index rising while Brent crude jumped to nearly eight-year highs after Western sanctions disrupted the transportation of raw materials exported by Russia.
Source: Ambito
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