(CNBC) -- Stocks advanced Tuesday following Federal Reserve Chair Jerome Powell’s comments indicating inflation has started easing.
The Dow Jones Industrial Average added 265.67 points, or 0.78%, to finish at 34,156.69. The S&P 500 added 1.29%, to close at 4,164.00 points. The Nasdaq Composite posted the biggest daily gain, climbing 1.9% to end at 12,113.79.
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The major indexes ricocheted during and shortly after his remarks in a midday conversation at The Economic Club of Washington, D.C. At one point, the Dow gained more than 275 points, while the S&P 500 and Nasdaq Composite each traded up more than 1%. Those gains came as investors cheered Powell’s comments on disinflation, hoping they indicated the central bank could continue slowing on its interest rate hike campaign.
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