Dow begins to rise as Powell discusses upcoming slower rises.

The Federal Reserve Chairman Jerome Powell's indication that rate rises may stall as soon as next month sparked a sea of green in big tech as Treasury yields dropped, and the Dow closed in bull market territory.

The Dow Jones Industrial Average increased 2.2%, bringing its gains since its low point on September 30 to 20%, and into bull market territory once more. The Nasdaq increased 4.4% and the S&P 500 gained 3%.

"Moderating the pace of rate increases may come as soon as the December meeting," Powell said in a speech on Wednesday.

Although Powell said that rates were still far from their high levels, he noted that they were approaching "the degree of constraint that will be adequate to bring inflation down."

Some on Wall Street anticipate that the Fed will likely hold rates higher for longer as a result of data released on Wednesday showing that economic growth in the third quarter was stronger than anticipated and labour demand is still strong.

Mark Heppenstall, chief investment officer at Penn Mutual Asset Management, said in an interview "That dynamic [a tight labor market] doesn't look like it's going to unwind too quickly," Mark says, pointing to data on Wednesday showing more job openings than expected.

Meta Platforms Inc led the gains, rising more than 7%, followed by Google and Apple, up more than 6% and 5% respectively.

(Sources: investing.com, reuters.com)