NEW YORK, July 28 ― The Nasdaq jumped more than 4 per cent yesterday in its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell eased some investor worries about the pace of rate hikes.The S&P 500 growth index jumped 3.9 per cent and also registered its biggest one-day percentage gain since April 2020.
Powell's comments in a news conference after the statement gave some investors hope for a slower pace of rate hikes. Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, said it was “a calming statement, coming on the heels of a day where you saw some earnings and revenues that were better than expectations, albeit expectations that were very tempered.”
T-Mobile US Inc added 5.2 per cent after it raised its subscriber growth forecast for the second time this year and exceeded quarterly profit expectations.