Here are today’s market moves:
S&P 500 up 1.14% to 3,925.43
Dow Jones up 1.35% to 31,961.86
Nasdaq up 0.99% to 13,597.97
Gold: $1,803
Bitcoin: $49,252
US10Y: 1.382%
What Happened?
The S&P 500 rose 1.14 percent for a second day of gains after Jerome Powell assured investors that the Fed will continue to support the economy.
The Dow closed at 31,961.86 – a new all time high.
Stocks have been volatile recently as investors worry that stronger economic growth and higher inflation would cause the Federal Reserve to withdraw monetary support.
Fed Chairman Jerome Powell said that the central bank would be very patient in slowing down its policy support and made it clear that the central banks plans to keep easy-monetary policies unchanged for the foreseeable future.
Shares of meme stocks jumped again on Wednesday. GameStop shares gained more than 100% in the afternoon, led by GameStop, prompting the NYSE to suspend trading twice.
Bitcoin climbed back toward $50,000 after a volatile start to the week.
What Else?
This Week
Monday: Earnings expected from Palo Alto Networks.
Tuesday: Earnings expected from Home Depot and Square; Jerome Powell to testify before the Senate Banking Committee.
Wednesday: Earnings expected from Lowe's and Nvidia; Jerome Powell to testify before the House Financial Services Committee.
Thursday: Earnings expected from Airbnb, AMC, Best Buy, Beyond Meat, Domino's, DoorDash, HP, Salesforce, and Wayfair; Weekly jobless claims.
Friday: Earnings expected from Foot Locker.