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Markets boosted following Fed Chair Powell’s FOMC press conference

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Yahoo Finance Live looks at market gains after Fed Chair Jerome Powell's press conference on the 75 basis point interest rate hike.

Video Transcript

SEANA SMITH: That was Fed Chair Jay Powell just wrapping up his news conference after the Fed raised rates 75 basis points, its largest hike since 1994. Now, Powell did say that a 50 to 75 basis point move at the next meeting in July was certainly on the table, but also saying that don't necessarily expect 75 basis points to be the new norm.

Let's take a look at where markets stand here, with just about a half hour to go in the trading day. And you're looking at gains across the board. The Dow up nearly 500 points. The S&P up just over 2%. The NASDAQ the outperformer, as we see a lot of those larger cap tech names getting a boost today, with the NASDAQ up just about 3%.