Dow over 600 points after Fed Governor Christopher Waller remarks
The Dow soared over 600 points on Thursday, its best day in a month, while the S&P 500 and Nasdaq also climbed.
The boost came after Federal Reserve Governor Christopher Waller said the Fed will be careful and rely on data before making any moves with interest rates.
Waller says September inflation guides Fed
Waller made it clear that upcoming inflation numbers (due September 10 and 11) will shape the Fed's next steps.
He sees early signs that price hikes are slowing down, and noted rising energy costs haven't spread much elsewhere.
If inflation cools to the Fed's 2% target, he's open to pausing rate hikes, but warned the Fed could tighten things again if prices jump unexpectedly.
His remarks also nudged bond yields lower, pushed gold prices up, sent the dollar to its lowest since May, and kept oil near $96 a barrel.