Stocks extend gains, end higher after Brainard offers dovish tone
Wall Street recovered on the back of Fed's dove Brainard speaking at the Chicago Council on Global Affairs and calling for ‘prudence’ in respect to the Fed's course of action.
Stocks on Wall street got a needed boost today and made strong gains on the back of Federal Reserve Brainard who was calling for prudence in raising interest rates. Her comments came in stark contrast to that of fellow Fed officials who have recently be suggesting that rate hikes are need and perhaps as soon as this month. However, the markets have taken some relief out of today's Fed speak against a back drop of potential tightening elsewhere among the rest of the Central Banks, considered to be potentially running out of ammunition.
The Dow Jones Industrial Average rallied hard by 239.62 points, or 1.3%, to close at 18,325.07, while the S&P 500 climbed 31.23 points, or 1.5%, to finish at 2,159.04. Finally, the Nasdaq Composite Index finished up 85.98 points, or 1.7%, at 5,211.89.