[Breaking] New York Stock Market Surges on Fed's Speed Adjustment Talk... Nasdaq Up 4.06%

[Asia Economy New York=Special Correspondent Joselgina] Major indices of the U.S. New York stock market closed higher on the 27th (local time) as speculation grew that the central bank, the Federal Reserve (Fed), might slow down its pace.

On this day, the Dow Jones Industrial Average closed up 1.37% compared to the previous session. The large-cap-focused S&P 500 index rose 2.61%, and the tech-heavy Nasdaq index closed up 4.06%.

Fed Chair Jerome Powell hinted at the possibility of an additional giant step (a 0.75 percentage point interest rate hike) at the September meeting during a press conference following the Federal Open Market Committee (FOMC) regular meeting in the afternoon. However, the market paid more attention to his dovish remarks that "as the monetary policy stance becomes more restrictive, at some point it will be appropriate to slow the pace of rate hikes."

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