The S&P 500 and Nasdaq indices reached new highs, driven by tech stocks. Federal Reserve Chair Jerome Powell addressed interest rate concerns, emphasizing the Fed's cautious approach to potential rate cuts. He noted the strong economy and improved labor market, allowing for patient decision-making regarding future rate changes. The Fed's next rate decision is anticipated in two weeks, with a 75% chance of a 0.25% rate cut expected by the market.
The S&P 500 rose by 0.61% to 6,086.49 points, the Nasdaq climbed 1.3% to 19,735.12 points, and the Dow Jones increased by 0.69% to 45,014.04 points. Meanwhile, the Technology Select Sector SPDR Fund hit a new high, closing up 1.8%.
Investors await the latest U.S. employment data, with economists predicting a rise of 214,000 jobs in November. Recent ADP data showed a lower-than-expected increase in private sector jobs, potentially influencing the Fed's rate decisions.
