Dow, S&P 500 post best daily gain in 2 months even as Fed says tapering of asset purchases coming soon
U.S. stock indexes closed higher Wednesday, with the S&P 500 and the Dow industrials notching their best daily gains in about two months, as Federal Reserve Chairman Jerome Powell signaled the central bank may announce a pullback of its bond purchases in November and could start to raise interest rates in 2022, with both moves largely expected by market participants. Subsiding fears around embattled Chinese property development company Evergrande, which rattled investors on Monday, also helped set a more bullish tone on Wall Street. But investors are also watching developments in the U.S. Congress on raising the federal debt ceiling. The Dow Jones Industrial Average rose by about 338 points, or 1%, to reach 34,258, representing the best point and percentage gain for the blue-chip index since July 20; while the S&P 500 index climbed 1% to 4,395, marking the best day since July 23. The Nasdaq Composite Index , meanwhile, also rose 1% to 14,896 for its best day since Aug. 27, FactSet data show. In corporate news, shares of
(END) Dow Jones Newswires
September 22, 2021 16:10 ET (20:10 GMT)
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