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U.S. stocks rally, investors bet on slower rate hikes

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FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 26, 2018. REUTERS/Brendan McDermid

(Reuters) – Wall Street rallied on Wednesday, multiplying its gains as investors bet on a moderation in the pace of U.S. monetary policy tightening after comments from Federal Reserve Chair Jerome Powell.

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The Dow Jones Industrial Average .DJI rose 617.64 points, or 2.5 percent, to 25,366.37, the S&P 500 .SPX gained 61.61 points, or 2.30 percent, to 2,743.78 and the Nasdaq Composite .IXIC added 208.89 points, or 2.95 percent, to 7,291.59.

Reporting by Stephen Culp in New York; Editing by James Dalgleish

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