Stocks turned in a lackluster performance in morning trading on Wednesday but moved sharply higher in reaction to highly anticipated remarks by Federal Reserve Chair Jerome Powell.
With the surge, the Dow reached a new seven-month closing high, while the Nasdaq and the S&P 500 reached their best closing levels in over two months.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow jumped 737.24 points or 2.2 percent to 34,589.77, the Nasdaq soared 484.22 points or 4.4 percent to 11,468.00 and the S&P 500 spiked 122.48 points or 3.1 percent to 4,080.11.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.