- US stocks ended higher on Wednesday, on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient.
According to Yahoo News, US stocks closed higher on Tuesday following optimistic comments from Federal Reserve officials.
Fed Governor Christopher Waller expressed confidence that the central bank is on track to quell inflation. Consumer confidence improved in November compared to the previous month.
US stocks traded higher after upbeat comments from Federal Reserve officials boosted hopes that the central bank had reached the end of its rate hike cycle.
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Markets reacted to comments from various Fed speakers throughout the day, with indexes rising to close with a gain as the session neared the end.
In prepared remarks given in Washington DC, Fed Governor Christopher Waller said consumer prices look on track to fall to the central bank’s target, signaling that interest rate cuts could be coming sooner than later.
Waller stated that although inflation is still too high, he is increasingly confident that policy is well positioned to slow the economy and get inflation back to 2 percent.
Meanwhile, US consumer confidence data released on Tuesday showed that sentiment improved marginally in November compared to the prior month. The Conference Board’s Index climbed to 102, above October’s revised 99.1 reading.