US stocks exploded higher Wednesday. The Dow is now more than 20% above its 52-week low, which puts it in a new bull market. Federal Reserve chair Jerome Powell strongly suggested that the central bank is ready to slow its pace of interest rate hikes. Powell noted that the Fed is still concerned about inflation but that it also does not want to jeopardize the health of the labor market and broader economy either.
Wednesday's rally helped push the markets to their second straight month of solid returns. The three major indexes wrapped up November with gains between 4% and 6%.
The Dow soared more than 735 points, or 2.2%
The S&P 500 rose 3.1%.
The Nasdaq Composite shot up 4.4%.
As stocks settle after the trading day, levels might still change slightly.