Stock Market Today: Powell Speech Sparks Massive Stock Rally

There was plenty for investors to focus on Wednesday, including a weaker-than-expected November ADP jobs report, a stubbornly high level of job openings and an upwardly revised reading on second-quarter gross domestic product (GDP). However, the main event was a mid-afternoon speech from Federal Reserve Chair Jerome Powell – and stocks reacted in a big way to what the head central banker had to say. 

During a speech at the Brookings Institution today, Powell said “the time for moderating the pace of rate increases may come as soon as the December meeting.” However, he balanced this dovish tone by adding that “the path ahead for inflation remains highly uncertain,” and that “history cautions strongly against prematurely loosening policy.”