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Stocks Surge After Fed Drops Hint

Dow ends day up 617
By Newser Editors and Wire Services
Posted Nov 28, 2018 3:04 PM CST
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Nov. 28, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks surged on Wall Street, powering a 600-point gain in the Dow Jones Industrial Average, after the head of the Federal Reserve hinted at slower interest rate increases. The market snapped higher shortly after noon Wednesday after Federal Reserve Chairman Jerome Powell suggested the central bank might consider a pause in its interest rate hikes next year. The Fed needs to raise interest rates to stave off inflation but investors fear they may also slow down economic growth. Technology stocks posted some of the biggest gains, the AP reports. Salesforce.com surged 10.3%. The Dow climbed 617 points, or 2.5%, to 25,366, its biggest gain in eight months. The S&P 500 index rose 61 points, or 2.3%, to 2,743. The Nasdaq composite climbed 208 points, or 2.9%, to 7,291. (Read more stock market stories.)

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