Stocks Surge, Gold Hits New All-Time High, Bitcoin Reclaims $67,000 As Powell Reassures Wall Street: What’s Driving Markets Wednesday?
Markets rallied across the board on Wednesday, erasing the uptick in volatility seen in the previous session, following reassurances from Fed Chair Jerome Powell regarding the Fed’s willingness to ease monetary policy in 2024 if inflation consistently moves toward the 2% target.
On Wall Street, all indices saw gains in midday trading, with the tech-heavy Nasdaq 100 leading the way, up by 1.2%, outperforming both the S&P 500, which rose by 0.8%, and the Dow Jones, which saw a 0.6% increase. Each of the eleven sectors comprising the S&P 500 reported gains, indicating a widespread rally in the stock market.
Small-cap stocks also saw notable gains, with the iShares Russell 2000 ETF (NYSE:IWM) up by 1%, poised to recover losses from Tuesday.
Among the standout performers within the Magnificent Seven, Nvidia Corp. (NASDAQ:NVDA) once again led the pack, up by over 3%, fueled by a broader surge in the semiconductor industry.
Moreover, the bullish sentiment spilled over into other asset classes, with bonds, commodities, and cryptocurrencies all benefiting from the decline in the greenback …
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