Stocks see biggest gain in 8 months

Traders like specialist Meric Greenbaum had plenty to smile about on the floor of the New York Stock Exchange as they watched stocks skyrocket.

Traders like specialist Meric Greenbaum had plenty to smile about on the floor of the New York Stock Exchange as they watched stocks skyrocket.

Photo: Richard Drew / Associated Press

Photo: Richard Drew / Associated Press

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Traders like specialist Meric Greenbaum had plenty to smile about on the floor of the New York Stock Exchange as they watched stocks skyrocket.

Traders like specialist Meric Greenbaum had plenty to smile about on the floor of the New York Stock Exchange as they watched stocks skyrocket.

Photo: Richard Drew / Associated Press

Stocks see biggest gain in 8 months

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Stocks rocketed to their biggest gain in eight months Wednesday after Federal Reserve Chairman Jerome Powell hinted that the Fed might not raise interest rates much further. The Dow Jones industrial average surged 617 points.

In a speech to the Economic Club of New York, Powell said that rates are close to neutral, the level at which they neither hold back growth nor aid it. That might mean the Fed isn’t planning to raise interest rates far above their current levels. Powell also appeared to suggest that the Fed might pause its cycle of interest rate increases next year so the central bank can assess the effects of its actions.

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