Wall Street jumps as Powell hints interest rate hikes may taper off
Updated : November 29, 2018 06:22 AM IST
The S&P 500 and Dow posted their biggest percentage gains in eight months, while the Nasdaq saw its largest advance in just over a month following Powell's speech to the Economic Club of New York.
Earlier in the day, in its first-ever financial stability report, the Fed cautioned that trade tensions, Brexit, and troubled emerging markets could rock a US financial system where asset prices are "elevated."
Microsoft Corp briefly surpassed Apple Inc in market cap but Apple took back its lead by closing. Nevertheless, Microsoft closed 4.0 percent higher as it benefited from optimism regarding demand for cloud computing services.
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