Big closing gains for stocks as Powell rides to the rescue | Forexlive

These markets are really something. Flows, news, central banks, volatility…. all at once.

The mood was sour earlier today as yields continued to creep higher and the market worried about Powell, but the Fed chair said it was likely time to slow the pace of hikes and that he didn’t want to overtighten.

That was a change in message from his ‘fight inflation at all costs’ talk from a couple months ago and stocks took it as a green light. The Dow Jones Industrial Average is now 20% from its low, a technical bull market in very short order.

• S&P 500 up 122 points, or 3.1% to 4084 — above the 200-dma for the first time since April
• Nasdaq +4.4%
• DJIA +2.2%
• Russell 2000 +2.4%

Under the hood, there were some interesting moves as highly-shorted stocks and beaten-down tech stocks ripped higher.