Dow gains over 420 points to hit new all-time high after Powell testimony

U.S. stocks rose sharply on Wednesday as Federal Reserve Chairman Jerome Powell said the central bank's focus was on supporting the U.S. economy and employment. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.29% rose 44 points, or 1.1%, to end around 3,925. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.78% gained 425 points, or 1.4%, to end near 31,962, based on preliminary numbers. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.90% rose 133 points, or 1%, to finish around 13,598. Like Powell, other senior Fed officials including Lael Brainard and Richard Clarida both sounded dovish on Wednesday, underlining the central bank's willingness to keep policy accommodative. Intuit Inc. /zigman2/quotes/203136605/composite INTU +3.06% shares rose 3.5% after the financial-services company reported fiscal second-quarter results late Tuesday.

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Add to watchlist SPX

S&P 500 Index

US : S&P US

4,164.00

+52.92 +1.29%

Volume: 0.00

Feb. 7, 2023 5:00p

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Dow Jones Industrial Average

US : Dow Jones Global

34,156.69

+265.67 +0.78%

Volume: 0.00

Feb. 7, 2023 5:00p

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NASDAQ Composite Index

US : Nasdaq

12,113.79

+226.34 +1.90%

Volume: 5.80B

Feb. 7, 2023 5:16p

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Intuit Inc.

US : U.S.: Nasdaq

$ 427.67

+12.68 +3.06%

Volume: 1.40M

Feb. 7, 2023 4:00p

P/E Ratio

65.16

Dividend Yield

0.73%

Market Cap

$116.58 billion

Rev. per Employee

$769,711