Wall Street jumps; Fed's Jerome Powell assuages fear of aggressive hike

The Dow Jones Industrial Average was up 2.13% at 34,004.63 points, while the S&P 500 gained 2.17% to 4,399.6

Wall Street surged on Wednesday after Federal Reserve Chair Jerome Powell signaled the central bank would likely raise interest rates less than some investors had feared.

Powell's comments, in testimony to the US House of Representatives Financial Services Committee, helped calm investors after Russia's invasion of Ukraine sent markets into a tailspin.

Powell said he is inclined to support a 25 basis point rate hike in March, quelling some concerns about the potential for a more aggressive rate hike.

Traders now see a 95% probability of a 25 basis point hike in March.

All the 11 S&P 500 sector indexes advanced, with financials rebounding