Wall Street Closes Higher Amid Strong Earnings Bets

The three main stock indexes on Wall Street closed sharply higher on Thursday amid hopes that the Federal Reserve may have reached the end of its interest rate hike campaign, with stocks also supported by strong quarterly earnings reports. The Federal Reserve kept interest rates unchanged on Wednesday as expected. While its Chairman Jerome Powell left the door open for further tightening, he also acknowledged the impact of the recent rise in bond yields on the economy. According to preliminary data, the S&P 500 index closed up 80.30 points, or 1.89 percent, at 4,317.77 points, while the Nasdaq composite gained 233.40 points, or 1.79 percent, to reach 13,294.87 points. The Dow Jones Industrial Average rose 566.04 points, or 1.70 percent, to 33,840.62 points.