Stock Market Today: Powell Speech Sparks Massive Stock Rally
The Fed chair suggested smaller rate hikes are likely going forward, but cautioned that inflation is still too high.


There was plenty for investors to focus on Wednesday, including a weaker-than-expected November ADP jobs report, a stubbornly high level of job openings and an upwardly revised reading on second-quarter gross domestic product (GDP). However, the main event was a mid-afternoon speech from Federal Reserve Chair Jerome Powell – and stocks reacted in a big way to what the head central banker had to say.
During a speech at the Brookings Institution today, Powell said "the time for moderating the pace of rate increases may come as soon as the December meeting." However, he balanced this dovish tone by adding that "the path ahead for inflation remains highly uncertain," and that "history cautions strongly against prematurely loosening policy."
"Although much of Chair Powell's comments were benign and predictable, investors could be spooked with the Chair's admission that 'the path ahead for inflation remains highly uncertain,'" says Jeffrey Roach, chief economist for LPL Financial. "Overall, this speech will likely be bullish for the markets in the near term."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
And that was certainly the case today, with stocks moving notably higher in late-afternoon trading. The tech-heavy Nasdaq Composite, whose components are most sensitive to interest rates, surged 4.4% to 11,468, the broader S&P 500 Index added 3.1% to 4,080, and the blue-chip Dow Jones Industrial Average rose 2.2% to 34,589. All three indexes also closed higher for November, marking their second straight month of gains.
Wall Street's Favorite Oil Stocks
Stocks weren't the only corner of the market seeing outsized gains today. U.S. crude futures jumped 3% to $80.55 per barrel after data showed domestic crude inventories plummeted last week. Specifically, the Energy Information Administration said this morning that crude inventories fell by 12.6 million barrels in the week ended Nov. 25, compared to the consensus estimate for a decline of 4.4 million barrels. This marked a third consecutive week of falling inventories.
While the news sent oil futures to their highest close in over a week, they still finished the month down almost 7%. The volatility in the energy markets has made it harder for investors to find opportunities, but analysts believe these three names are some of the best oil stocks right now.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Aging: The Overlooked Risk Factor
Sponsored Elder care is a personal and financial vulnerability many people fail to plan for.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
Stock Market Today: A Historic Quarter Closes on High Notes
"All's well that ends well" is one way to describe the second quarter of 2025, at least from a pure price-action perspective.
-
Stock Market Today: Stocks Swing as Trump Scraps Canada Trade Talks
Despite a mid-afternoon slip, the S&P 500 and Nasdaq ended the day at new record highs.
-
Stock Market Today: S&P 500, Nasdaq Near New Highs
The S&P 500 hasn't hit a new high since February. It's been since December for the Nasdaq.
-
Stock Market Today: Stocks Struggle to Sustain Gains
Mixed messages from multiple sources continue to make for a messy market for investors, traders and speculators.
-
Stock Market Today: Stocks Soar on Israel-Iran Ceasefire
It was a rocky start to the truce, but a temporary halt to fighting between Israel and Iran appears to be holding for now.
-
The Riskiest S&P 500 Stocks Right Now
Buyer beware: These are five of the riskiest stocks in the S&P 500 at the moment, based on one measure of volatility.
-
Stock Market Today: Stocks Rise on a Little More Uncertainty
The best response to a major geopolitical event is often no response at all, especially if you're looking at the big picture.
-
Stock Market Today: Stocks Chop as Chipmakers Decline
Several semiconductor stocks fell Friday on reports that the White House may consider revising license waivers for global chipmakers.