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Stock market today: Dow enters bull market as Powell talks up slower hikes ahead

Stock Markets Nov 30, 2022 04:09PM ET
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By Yasin Ebrahim

Investing.com -- The Dow closed in bull market territory after racking up gains on Wednesday as Federal Reserve Chairman Jerome Powell’s signal that rate hikes could slow as soon as next month triggered a sea of green in big tech as Treasury yields slumped.

The Dow Jones Industrial Average rose 2.2%, to enter bull market territory once again after taking its gains since its trough on Sept. 30 to 20%. The S&P 500 gained 3%, and the Nasdaq rose 4.4%

"Moderating the pace of rate increases may come as soon as the December meeting," Powell said in a speech on Wednesday at the Brookings Institution event in Washington.

Powell acknowledged that rates were approaching "the level of restraint that will be sufficient to bring inflation down,” but also added that the rates were still a long way from peak levels.

Data on Wednesday showing that economic growth in the third quarter was higher than expected, and labor demand remains robust, has some on Wall Street expecting that the Fed will likely keep rates higher for longer.         

"If the labor market doesn't begin to roll over, then Powell is going to have to keep his foot on the brakes for longer than he would have otherwise," Mark Heppenstall, chief investment officer at Penn Mutual Asset Management, said in an interview with Investing.com's Yasin Ebrahim on Wednesday. 

"That dynamic [a tight labor market] doesn't look like it's going to unwind too quickly," Mark says, pointing to data on Wednesday showing more job openings than expected.  

Treasury yields slipped sharply following the remarks as investors priced in the prospect of less hawkish fed hikes, helping rate-sensitive tech stocks shine.

Meta Platforms Inc (NASDAQ:META) led the gains, rising more than 7%, followed by Google (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL), up more than 6% and 5% respectively.

On the earnings front, Crowdstrike Holdings (NASDAQ:CRWD) slumped 15% as it announced slower revenue growth, but reported quarterly results that topped Wall Street estimates. 

Workday Inc (NASDAQ:WDAY) rallied 17%, meanwhile, as the provider of finance and human-resources software reported third-quarter results beat estimates on both the top and bottom lines despite a challenging macroeconomic backdrop.

In deal news, State Street (NYSE:STT) said it had mutually walked away from a deal to acquire Brown Brothers Harriman & Co.’s investor services business, citing regulatory hurdles.

Stock market today: Dow enters bull market as Powell talks up slower hikes ahead
 

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Comments (27)
BD
BD Dec 01, 2022 9:38PM ET
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This is why like 90% miss the bottoms lol. When the market sells off hard, start increasing contributions and average down. As it sells off even more, buy even more. When it finally starts to rally after Feds are about to pause and slow down, start buying calls 6-12 months out in expiration and sell shares even if you have to in order to buy calls, and stop shorting lol.
Brain White
Brain White Dec 01, 2022 4:34PM ET
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Great
Robin Hood
RobinHdJr Dec 01, 2022 5:06AM ET
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Interest rates like FFR are nowhere as high as they were in the 1980s, while inflation rate has beat 40 year records. Powell saying the lion tamer doesn't need a whip anymore?
Emanuel Dabah
Emanuel Dabah Dec 01, 2022 2:18AM ET
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Fake rally , december will be dam red
Dave Jones
Dave Jones Nov 30, 2022 10:07PM ET
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More like Bull shift territory
Paul Browning
Paul Browning Nov 30, 2022 9:17PM ET
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Since when does barely coming out of a Bear market constitute a Bull market?
gene morris
gene morris Nov 30, 2022 8:22PM ET
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such a dumb *****headline
The Boss
The Boss Nov 30, 2022 8:17PM ET
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Dead cat bounce as it'll be 10 years before we see new all time highs
JJ JJ
JJ JJ Nov 30, 2022 8:17PM ET
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Ponzi scheme.
Maestro Bonswulotzer
Maestro Bonswulotzer Nov 30, 2022 8:01PM ET
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all is great with the market and the national economy..., buy more....suckers!!!!
Alpha Omega
Alpha Omega Nov 30, 2022 7:43PM ET
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A better title is, Dow Erases Bear Market, It Could Enter Bull Market In December.
 
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