The CommSec Market Update 2 Feb 23: Stocks rally after US Federal Reserve interest rate decision

US sharemarkets rebounded during Wednesday's trading session as investors shook-off a quarter-point rate hike from the US Federal Reserve. The tech-heavy Nasdaq index was boosted by gains in chipmakers after strong Advanced Micro Devices earnings. The chipmaker's shares rose 12.7%. Shares of fitness equipment company Peloton surged 24.8% after it narrowed its net losses from a year earlier. With around an hour left of trade, the Dow Jones index was up 86 points or 0.3% after being down more than 500 points at the session's lows. The S&P 500 index rose 1.2%. And the Nasdaq index added 246 points or 2.1%.

 

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