Market Snapshot: Nasdaq jumps 2% to end at highest since September after Fed raises rate by a quarter-point, Powell signals few more hikes to go

by | Feb 1, 2023 | Stock Market

U.S. stocks finished higher on Wednesday, reversing earlier losses after the Federal Reserve raised its policy interest rate by 25 basis points, as widely expected, while signaling a only a few more might be needed in its inflation fight. The Nasdaq Composite finished at the highest level since mid-September, while the Dow industrials and the S&P 500 both scored their biggest intraday recovery from session lows since Oct. 13, according to Dow Jones Market Data.

How stock indexes traded?
The Dow Jones Industrial Average
finished 6.92 points higher, or nearly flat at 34,092.96

The S&P 500
gained 42.61 points, or 1%, to end at 4,119.21

The Nasdaq Composite
advanced 231.77 points, or 2%, to finish at 11,816.32

On Tuesday, the Dow industrials climbed 368.95 points, or 1.1%, to end at 34,086.04, the S&P 500 gained 58.83 points, or 1.5%, to finish at 4,076.60, and the Nasdaq Composite gained 190.74 points, or 1.7%, ending at 11,584.55.What drove markets? U.S. stock indexes closed higher, reversing the Dow industrials earlier slide by more than 500 points, after the central bank increased its benchmark interest rate by 25 basis points to a range of 4.5% to 4.75%, while signaling that potentially only a “couple more …

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