For November, the The Dow was up 5.7%, the S&P 500 was up 5.4% and the Nasdaq was up 4.4%, although so far this year the last two have continued to lose close to 14% and 27% respectively.
The latest figures, released earlier on Wednesday, were “More or less in line with expectations, but that’s a good thing. Job postings were down by several hundred thousand. That’s a positive thing.”Powell said during an event at the Brookings Institution in Washington.
Meanwhile, futures linked to Federal Reserve interest rates rose after the Fed chair said that the US central bank could start to slow the pace of its interest rate hikes next month.
Bets on the Fed Funds futures contracts pointed to 75% chance that the central bank will raise its interest rate by half a percentage point when policy makers meet in two weeks, and only a 25% chance of a 75 basis point rate hike.
Traders also lowered their outlook for the Fed’s top interest rate next year, to less than the 5% seen before Powell spoke.
Within of the tech stocks with the highest gains, Nvidia rebounded more than 8%, Microsoft jumped 6.2% and Manzana rose 4.9%.
Tesla Inc shares rose 7.7%, after China Merchants Bank International said Tesla’s sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y.
Source: Ambito
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