Stocks Storm Back on Fed Day as Nvidia Surges 13%: Markets Wrap
- Powell says Fed could cut rates ‘as soon as’ September meeting
- Meta shares jump as sales beat estimates on advertising growth
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Dovish comments from Jerome Powell helped extend a rally in stocks that started with a surge in key technology companies, with the market scoring its best Federal Reserve day in two years.
Equities staged a powerful rebound, with the Nasdaq 100 up 3%. Nvidia Corp. surged 13% — adding a record $329 billion in value — after a bullish analyst call. In late trading, Meta Platforms Inc. soared on a sales beat. Qualcomm Inc., the world’s biggest seller of smartphone processors, gave a strong revenue forecast. Treasury yields slipped alongside the dollar.