(CNBC) -- Stocks climbed Wednesday as Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets.
The Dow Jones Industrial Average was up 730 points, or 2.2%, to 34,587. Meanwhile, the tech-heavy Nasdaq Composite jumped 4.2% to 11,468. The S&P 500 added 2.7% to 4,079.
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“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said in a speech at the Brookings Institution in Washington, DC. “The time for moderating the pace of rate increases may come as soon as the December meeting.”
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