Wall Street indices witnessed strong gains on Wednesday, July 27, after US Federal Reserve announced a 75-basis hike in interest rates and comments from policymakers lifted market sentiments.
The S&P 500 rose 2.62% to 4,023.61. The Dow Jones was up 1.37% to 32,197.59. The NASDAQ Composite added 4.06% to 12,032.42, and the small-cap Russell 2000 rose 2.39% to 1,848.34.
The rate hike decision came in tandem with the investors' anticipation. In addition, Fed Chair Jerome Powell reassured the market participants that even though the economy is cooling, it is not in a recession at this moment.