(CNBC) — Stocks gained on Wednesday in an intraday turnaround as investors shook off a quarter-point rate hike from the Federal Reserve and instead focused on comments from Fed Chairman Jerome Powell that acknowledged falling inflation.
The S&P 500 gained 1.05% to 4,119.47, reversing an early decline of almost 1%. The Nasdaq Composite added 2% to 11,816.32, boosted by gains in chipmakers following strong earnings from Advanced Micro Devices. Meanwhile, the Dow Jones Industrial Average rose 8 points, or 0.02% to 34,094.34 — after sliding more than 500 points at the day’s lows.
The Fed’s latest hike represented a slowing from its half-point increase in December, giving a nod to investors hoping the central bank would ease off its aggressive tightening campaign. They were further encouraged by Powell’s comments.
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