How major US stock indexes fared Wednesday 7/27/2022

Official: Ukraine told Cyprus of $420m Russian asset seizure

Technology companies led a broad rally for stocks on Wall Street Wednesday as investors welcomed another interest rate hike by the Federal Reserve as a sign the central bank is ratcheting up its campaign to fight surging inflation. At a news conference, Chair Jerome Powell suggested the Fed’s rate hikes have already had some success in slowing the economy and possibly easing inflationary pressures. Some on Wall Street saw that as a signal the Fed may not have to raise rates as aggressively in coming months, triggering a rally in the final hour of regular trading.

On Tuesday:

The S&P 500 rose 102.56 points, or 2.6%, to 4,023.61.

The Dow Jones Industrial Average rose 436.05 points, or 1.4%, to 32,197.59.

The Nasdaq rose 469.85 points, or 4.1%, to 12,032.42.

The Russell 2000 index of smaller companies rose 43.09, or 2.4%, to 1,848.34.

For the week:

The S&P 500 is up 61.98 points, or 1.6%.

The Dow is up 298.30 points, or 0.9%.

The Nasdaq is up 198.31, or 1.7%.

The Russell 200 is up 41.46 points, or 2.3%.

For the year:

The S&P 500 is down 742.57 points, or 15.6%.

The Dow is down 4,140.71 points, or 11.4%.

The Nasdaq is down 3,612.55 points, or 23.1%.

The Russell 2000 is down 396.97 points, or 17.7%.

Click Here to Read the Full Original Article at ABC News: Business…