All indexes ended higher on Wednesday, after Federal Reserve Chairman Powell said the central bank’s pace of interest-rate increases can slow as soon as its December meeting.
- The Dow Jones Industrial Average (DJIA) gained 737.24 points, or 2.2%, ending at 34,589.77. The Dow Jones also exited the bear market, closing 700 points above it major resistance.
- The S&P 500 (SPX) finished 122.48 points higher, or 3.1%, to 4,080.11.
- The Nasdaq Composite (COMP) advanced 484.22 points, or 4.4%, to finish at 11,468. The Nasdaq officially exited a bear market, closing up 20.4% from its recent low set on Sept. 30, 2022.
- The S&P 500 daily chart sees the index closing above the 200-Simple Moving Average, signaling bullish momentum.
Indexes Performance this year
The DJIA is up +7.60% for the month but is still down -4.81% YTD
The S&P 500 is up +8.52% for the month but is still down -14.39% YTD
The Nasdaq is up +8.96% for the month but is still down -26.70% YTD
Federal Reserve Chairman Jay Powell indicated the central bank may decide to raise interest rates at a slower pace at its next policy meeting (December 13/14).
“The time for moderating the pace of rate increases may come as soon as the December meeting,” Powell said, in a speech to the Brookings Institution on Wednesday.
November, is a good month for stock and December will be even better.