U.S. stocks close higher as investors weigh Powell’s comments on more rate hikes
U.S. stocks finished higher on Thursday, notching their first back-to-back gains since Aug. 25 after a volatile session that saw the Dow Jones Industrial Average swing more than 460 points from peak to trough.
Stocks seemed to shrug off hawkish commentary from Federal Reserve Chairman Jerome Powell, along with the European Central Bank's largest interest-rate hike since the early days of the euro. Some market strategists said the rebound was the result of stocks falling into 'oversold' territory. The S&P 500 SPX, +0.66% climbed 26.31 points, or 0.7%, to 4,006.18, while the Dow Jones Industrial Average DJIA, +0.61% finished 193.24 points, or 0.6%, higher at 31,774.52.
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