Since those words, leading indicators have turned small losses into gains. The Dow-Jones closed up 2.2% at 34,589.77 points. The broader S&P 500 gained 3.1% to 4080.11 points and tech exchange Nasdaq rose 4.4% to 11,468 points.
Higher interest rates are generally unfavorable to the value of the shares. Powell warned that interest rates will be high for a while yet. In addition, the key interest rate will rise to a higher level than previously anticipated.
Investors also digested the Beige Book, the Fed’s monthly report on the state of the US economy. It rose only slightly in November, partly due to high inflation and rising borrowing costs. Payroll processor ADP reported that fewer jobs were added in the US last month than in October.
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