Market Snapshot: Nasdaq surges 4% in best day since April 2020 after Fed delivers expected interest rate rise

by | Jul 27, 2022 | Stock Market

U.S. stocks rallied Wednesday, with the tech-heavy Nasdaq Composite posting its biggest daily percentage gain since April 2020, after the Federal Reserve raised its benchmark interest rate by another 0.75 percentage point to combat hotter-than-expected inflation. Other indexes added to gains after Fed chair Powell noted in his press conference that another unusually large interest rate rise might be needed in September but would depend on upcoming economic data, while he added that it will also likely be appropriate to slow increases …

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