Dow Soars 627 Points on Waller's Dovish Remarks

The US stock markets closed sharply higher on Thursday, September 2, after Federal Reserve Governor Christopher Waller signalled his inclination to keep interest rates unchanged at the central bank’s September meeting if inflation data continues to show improvement.

The Dow Jones Industrial Average surged 627.37 points, or 1.18%, to settle at 53,689.32, marking its best single-day performance since August 4. The S&P 500 gained 1.06% to close at 7,747.71, while the Nasdaq Composite surged 1.40% to 26,584.06.

The rally was driven by easing rate-hike fears and declining Treasury yields, which lifted investor sentiment across the board. Goldman Sachs led the gainers, rising 3.34%, followed by Travelers, Microsoft, and Walmart.