US stocks trade higher amid Fed chair's remarks on rate hikes
The Dow Jones Industrial Average surged 590.07 points, or 2.60 per cent, to 23,276.29. The S&P 500 rose 66.17 points, or 2.70 per cent, to 2514.06, Xinhua news agency reported.
The Nasdaq Composite Index was dramatically up 234.43 points, or 3.63 per cent, to 6,697.94.
He stressed Fed's future move will depend on "how the economy evolves".
"As always, there is no preset path for policy," Powell said. "And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves."
All of the 11 primary sectors rallied around midday, with the information technology sector up nearly 4 per cent and the consumer discretionary up over 3.2 per cent, leading the winners.
Rebounds in tech shares grew further around midday, eroding some of the grave tumbles of US stocks previously this week.
On the economic front, upbeat job market data helped recover some momentum for the US economic growth.
Job gains occurred in health care, food services and drinking places, construction, manufacturing, and retail trade.
Yet the unemployment rate went up to 3.9 per cent, which was highest level since July, 2018.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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