U.S. Stocks Close Sharply Higher as Investors Digest Powell Comments

U.S. stocks rallied, rising near session highs after Federal Reserve Chairman Jerome Powell said the central bank wasn’t actively considering bigger interest-rate increases in the coming months.

The S&P 500 jumped about 3% in Wednesday trading as of 4 p.m. ET, while the Dow Jones Industrial Average gained 933 points, or 2.8%, and the Nasdaq Composite was up 3.2%. All three indexes had been down earlier in the day.

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