(New York, NY) — The market is closing higher as it appears the Federal Reserve may be slowing its rate hiking campaign. Fed Chairman Jerome Powell said it makes sense to moderate the pace of the central banks rate increases as the level of restraint to bring inflation down is being reached. However, Powell said the Fed may stick with its restrictive policy for a long time as it continues its fight against inflation. At the closing bell, the Dow Jones Industrial Average gained 737 points to 34-589. The S&P 500 rose by 122 points to 40-80. The Nasdaq grew by 484 points to 11-468.
Netflix is one of the day’s biggest gainer, climbing up over eight-percent. ETSY and Nvidia also had good sessions, both rising above eight-percent. On the losing side, Valero Energy Corp lost over one-percent.
