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"He recognizes that if you change interest rates today, you will not feel the effects before 12 to 18 months," said Jack Ablin, chief investment officer of Cresset Wealth Advisors.
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"The global tightening of central banks was probably the biggest risk equity investors have faced in the next four quarters, so it's encouraging to see the Fed chairman say he's almost done," he said. he added.
The S & P 500 index jumped 44 points, or 1.7%, to 2,727 hours at 15 hours. Eastern Time. The S & P 500 has gained 3.6% this week, but it should still increase by 7% to return to its record since the end of September.
The Dow Jones Industrial Average index jumped 488 points, or 2%, to 25 236 points. The Nasdaq Composite rose 159 points, or 2.3%, to 7,242. The Russell 2000 Small Cap Equity Index gained 29 points, or 2%, to 1,522.
After an initial decline, bond prices rose, leading to lower yields. The 10-year Treasury Note yield fell from 3.07% to 3.04% earlier in the day. It stood at 3.05% Tuesday night. The 2-year note yield fell from 2.71% to 2.79%.
The dollar has weakened, pushing up metals prices. The ICE index in US dollars lost 0.6%.
Salesforce, the client management software developer, grew 8.5% to $ 138.39, after earnings and sales outpaced badysts' expectations. This helped pull the technology companies higher. Adobe software maker rose 6.4% to $ 247.15. Apple rose 2.9% to 179.31 USD and Microsoft 2.7% to 110 USD.
Tiffany slid 12% to 92.31 USD after saying foreign tourists, especially Chinese, had not spent as much in its stores during its last quarter. This has contributed to disappointing sales for the company. China's economic growth has slowed since the government put a halt to bank lending last year as part of an effort to curb rising debt. The trade dispute between the United States and China also contributed to the slowdown.
Signet Jewelers lost 3 percent to 51.21 USD.
Jam and packaged food maker J.M. Smucker fell 7.5% to $ 101 after reporting lower earnings and lower earnings than badysts expected. Smucker has also reduced its forecast for the year.
Indonesian investigators discussed their investigation into the crash of a Boeing 737 MAX 8. Indonesian authorities said they still have trouble understanding why the plane crashed, but said the equipment Defective and clean security of the carrier Lion Air pilots fought for control of the plane, which fell into the Java Sea on October 28, killing the 189 people on board.
The MAX is Boeing's latest aircraft, and questions about the accident have resulted in a decline in its stock. The stock rose 4.4% to US $ 332.15 on Wednesday, but is still down 11% since Nov. 8, when federal regulators gave an emergency directive telling pilots how to handle incorrect data from a sensor that may have malfunctioned during the flight. US airline pilots have said they have not been informed of a new feature of the MAX that could give a serious head shot if the sensors indicate that the plane is about to stall.
The dollar fell from 113.79 yen to 113.53 yen. The euro went from 1.1299 USD to 1.1376 USD.
The benchmark US crude slid 2.5% to $ 50.29 a barrel in New York. Brent crude, the standard for international oil prices, fell 2.4% to 58.76 dollars a barrel in London.
Wholesale petrol lost 1.6% to $ 1.40 a gallon. Heating oil decreased 2.5% to 1.84 USD per gallon. Natural gas climbed 10.6% to 14.72 USD per 1,000 cubic feet.
Gold rose 0.8% to $ 1,223.60 an ounce. Silver jumped 1.7% to 14.33 USD ounce. Copper rose 3.3% to $ 2.80 a pound.
The FTSE 100 in Great Britain fell by 0.2% and the German DAX by 0.1%. The French CAC 40 has changed little.
Japan's benchmark, Nikkei 225, rose by 1% and South Korea's Kospi by 0.4%. Hong Kong's Hang Seng added 1.3%.
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