US stocks rally, dollar retreats as Powell shifts tone on rate hikes

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New York (AFP) – Wall Street stocks soared and the dollar fell Wednesday after Federal Reserve Chair Jerome Powell signaled a shift from the central bank’s aggressive policy to counter inflation. Major US indices, which had been near flat prior to Powell’s appearance, suddenly vaulted higher.  The gains came after European bourses also advanced on better inflation data in the eurozone. “This was the unofficial pivot the markets have been waiting for,”’s Joe Perry said of Powell’s comments. “As a result of Powell’s dovishness, the US dollar index sold off aggressively.” Powell, appear…

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