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Wall Street jumps as Powell hints interest rate hikes may taper off

NEW YORK (Reuters) - Federal Reserve Chair Jerome Powell boosted U.S. stock markets on Wednesday when he said the policy rate is now “just below” estimates of a level that neither brakes nor boosts a healthy economy, comments that many took as signaling the Fed’s three-year tightening cycle is drawing to a close.

The S&P 500 and Dow posted their biggest percentage gains in eight months, while the Nasdaq saw its largest advance in just over a month following Powell’s speech to the Economic Club of New York.