U.S. Federal Reserve Chairman Jerome Powell said that the pace of interest rate hikes may start to slow down this month, and the three major U.S. stock indexes rebounded strongly on Wednesday.
The Dow fell slightly in the early stage, but rose after Powell's speech, and broke through 700 points before the market closed.
The news stimulated a sharp rise in technology stocks, with the Nasdaq soaring more than 4%, and Chinese concept stocks rose nearly 10%.
The offshore renminbi also rose sharply, rising above 950 pips.
In a speech at the Brookings Institution, Powell said that the level of restriction they adopted would be sufficient to bring inflation back down, and that slowing down rate hikes was a reasonable approach to balance risks, slowing down the timing of rate hikes or in December The meeting appears.
He also added that he would continue to believe that the economy has a chance for a soft landing, but that it is still a long way from successfully stabilizing prices.
The Dow closed at 34,589 points, up 737 points or 2.18%; the S&P 500 closed at 4,080 points, up 122 points or 3.09%; the Nasdaq closed at 11,468 points, up 484 points or 4.41%.
Technology stocks performed well.
Apple rose 4.86%, Microsoft rose 6.16%, Amazon rose 4.46%, Tesla rose 7.67%, Alphabet rose 6.09%, and NVIDIA rose 8.24%.
Chinese concept stocks rose sharply for two consecutive days. Alibaba rose 9.64%, Pinduoduo rose 4.6%, JD.com rose 7.38%, and the Nasdaq Golden Dragon China Index rose nearly 10%.
In addition, the offshore renminbi rose by more than 950 pips, once seeing $7.0444.
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People's Bank of China and SAFE: Strengthen cooperation to maintain the healthy development of the stock market, bond market and property market.
