U.S. markets and stock exchange traded funds rallied to record highs Wednesday after Federal Reserve Chairman Jerome Powell’s dovish comments helped stoked bets of interest rates cuts ahead to bolster economic growth.
On Wednesday, the Invesco QQQ Trust (NASDAQ: QQQ) increased 1.1%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) rose 0.5% and SPDR S&P 500 ETF (NYSEArca: SPY)gained 0.6%.
Stock investors regained their risk-on attitude after Powell stated the central bank was ready to “act as appropriate” to support ailing economic growth, Reuters reports.