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Nasdaq surges 3% as Fed Chair says could soon ease rate hikes

Major indices had been near flat prior to the Powell event, but then took off once his remarks were reported. (AFP)
  • Near 1945 GMT, Nasdaq Composite Index was up 2.9 percent at 11,305.08 as Powell indicated that Fed could soon shift from its ultra-aggressive response to inflation
  • Earlier, government data showed the United States economy grew at 2.9 percent in the third quarter, annualized, better than the 2.6 percent figure in the prior estimate

New York, United States– US stocks rallied Wednesday, with the Nasdaq jumping three percent, after Federal Reserve Chair Jerome Powell said the central bank could moderate its stance on interest rate hikes as soon as December.

Near 1945 GMT, the tech-rich Nasdaq Composite Index was up 2.9 percent at 11,305.08 as Powell indicated that the Fed could soon shift from its ultra-aggressive response to inflation.The Dow Jones Industrial Average rose 0.9 percent to 34,171.98, while the broad-based S&P 500 gained 1.8 percent to 4,027.98.

“The time for moderating the pace of rate increases may come as soon as the December meeting” of Fed policymakers, Powell said in a speech at the Brookings Institution, a think tank.

He added that the full effects of the bank’s moves are yet to be felt, but also warned that policy will likely have to remain tight “for some time” to restore price stability.

Major indices had been near flat prior to the Powell event, but then took off once his remarks were reported.

Stocks have risen over the last month, in part on expectations that the Fed would soon pivot on monetary policy. Powell’s appearance had been viewed as a potential risk to equities if he had adopted a more hawkish tone.

Earlier, government data showed the United States economy grew at 2.9 percent in the third quarter, annualized, better than the 2.6 percent figure in the prior estimate.

But payroll firm ADP said private employers added just 127,000 jobs in November, much less than analysts expected and well below the level in October.