Wall Street rallied on Wednesday, with strong profit forecasts from PayPal and CVS Health Corp lifting sentiment and helping drive the Nasdaq to its highest level since early May.
Manuelian said an additional factor behind Wednesday's stock rally was growing confidence among investors that the Fed has already carried out the bulk of the interest rate hikes that will be necessary to bring inflation under control.
Meanwhile, Richmond Federal Reserve President Thomas Barkin on Wednesday joined policymakers saying that the U.S. central bank is committed to getting inflation under control and returning it to its 2% target.The Nasdaq gained 2.53% to 12,661.05 points, while the Dow Jones Industrial Average was up 1.31% at 32,819.72 points.
Additional data on Wednesday showed new orders for U.S.-manufactured goods increased solidly in June and business spending on equipment was stronger than initially thought, pointing to underlying strength in manufacturing despite rising interest rates.
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