S&P 500 and Dow Hit Record Highs as a Fed Official Signals Rates Are 'Sufficient'

The Main Points

• The S&P 500 jumped 1.79% to 7,736.52 and the Nasdaq Composite gained 2.59% to 26,584.99, while the Dow added 907 points, or 1.71%, to a fresh record.
• Philadelphia Federal Reserve President Anna Paulson said she believes the current level of interest rates is sufficient to keep inflation moving toward the Fed's goal, while stressing she remains open-minded about the path ahead.
• The rally was broad-based, with the S&P 500's materials, industrials, and financials sectors all posting gains alongside a rebound in technology.