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Federal Reserve chairman Jerome Powell gave investors reason to cheer on Wednesday when he suggested that the Fed may slow down its interest rate hikes.The Dow surged on the news and closed up 600 points, or more than 2%, in midday trading. The S&P 500 and Nasdaq each rose about 2% as well.Powell reassured investors that the Fed wouldn't risk killing off economic growth by continuing to aggressively raise rates next year."Our gradual pace of raising interest rates has been an exercise in balancing risks," Powell said during a speech at the Economic Club of New York. "We know that moving too fast would risk shortening the expansion. We also know that moving too slowly -- keeping interest rates too low for too long -- could risk other distortions in the form of higher inflation."Powell noted that rates remain relatively low and that they are just below what many economists consider "neutral for the economy -- that is, neither speeding up nor slowing down growth."Investors seemed to interpret Powell's comments as a sign that the Fed, which is widely expected to raise rates again at a meeting next month, may now only hike rates once or maybe twice at most in 2019 as opposed to earlier forecasts of three or four hikes.The Dow's most cyclical stocks were among the biggest gainers. Shares of Boeing (BA), Caterpillar (CAT), Microsoft (MSFT) and Apple (AAPL) helping to lead the rally.In fact, only four Dow stocks -- Verizon (VZ), United Technologies (UTX), DowDupont (DWDP) and Procter & Gamble (PG) -- were trading lower Wednesday afternoon.Matthew Cheslock, a trader at Virtu Financial, told CNNMoney editor-at-large Richard Quest on "Markets Now" Wednesday that the market interpreted Powell's comments as meaning that we are "closer to normal rates. I think that was what really sparked the market to go higher."Cheslock added that some of Powell's remarks about the market not being in a bubble were reassuring as well.Powell's comments may assuage concerns about the Fed possibly going too far with rate increases, a criticism leveled by President Donald Trump.But Tobias Levkovich, Citigroup chief US equity strategist, told Quest that the market may be overreacting."I'm not dancing or partying right at the moment," he said, adding that the Fed has talked about gradual rate hikes "for a very long time." "Maybe [the markets] were just worried it would be worse," Levkovich said.To that end, Trump, who chose Powell to replace former Fed chief Janet Yellen, has often bashed him and the Fed on Twitter and in interviews for the rate hikes.In fact, Trump attacked Powell again in a Washington Post interview Tuesday, saying he was "not even a little bit happy" with Powell and that the Fed was making a mistake with so many rate hikes.Trump even added that sometimes decisions he makes with his "gut" matter more than what other people's brains tell him.Whether or not investors were using their guts or brains when deciding to jump back into stocks Wednesday remains to be seen. But it's clear that the bulls were back in charge on Wednesday."Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by Quest and CNNMoney's business correspondents, the 15-minute program features incisive commentary from experts.You can watch "Markets Now" at CNNMoney.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.The-CNN-Wire 3545
Fox News announced Friday that President Donald Trump has agreed to conduct his first on-camera interview since his COVID-19 diagnosis with conservative pundit Tucker Carlson.In addition to an interview with Carlson on his 8 p.m. ET show, Fox News reports that Trump will receive a "medical evaluation" from Dr. Marc Siegel, a physician and contributor to Fox News.Trump has not appeared live on camera since he walked out of Walter Reed Medical Center on Monday evening, though White House has released a series of recorded videos featuring the President.Trump's interview with Carlson will be the latest in a string of interviews with conservative media outlets friendly to the President. Trump called into Fox Business on Thursday morning and spoke with Fox News' Sean Hannity over the telephone on Thursday evening. Trump also conducted a lengthy appearance on talk show host Rush Limbaugh's radio program on Friday afternoon.At a few points during his interview with Hannity on Thursday night, Trump had to stop talking in order to cough, and at points sounded hoarse.Trump has said he would like to return to the campaign trail as early as Saturday, and White House doctors cleared him to do so in a letter released Thursday. Trump initially announced he had tested positive for COVID-19 in the early morning hours of Oct. 2, though White House officials have declined to make public the date of the President's last negative test.The Centers for Disease Control and Prevention say those with COVID-19 should remain quarantined until 10 days after symptoms first appear, but only after the patient has been free of fever for 24 hours (without the use of medication). 1680

Former President Barack Obama said Wednesday there are no practical benefits to a bill Republicans are considering to replace the Affordable Care Act.Speaking in New York, Obama said the bill would increase costs and strip coverage from vulnerable Americans."When I see people trying to undo that hard-won progress, for the 50th or 60th time, with bills that will raise costs, reduce coverage and roll back protections for older Americans and people with pre-existing conditions ... it is aggravating," Obama said during an event sponsored by the Bill and Melinda Gates Foundation. 589
For each step on his morning run, Rodney Everett takes a deep breath. The air in his lungs is fresh for the first time in 50 years."You come out in the morning and see the sky is yellow, and you smell this smell," said Everett.The smell came from the largest oil refinery on the east coast, Philadelphia Energy Solutions. The refinery sat a few blocks from Everett’s South Philadelphia neighborhood. 408
Florida Gov. Rick Scott signed Senate Bill 7026 into law Friday, the first gun control legislation enacted in the state after the Parkland school massacre on February 14.The new law, known as the Marjory Stoneman Douglas High School Public Safety Act, tightens gun control in several ways but also allows some teachers to be armed."The hardest thing I've ever had to do as governor is try to console a parent who has lost a child," said Scott, surrounded by families of the victims. Scott received the bill Thursday following days of impassioned, often contentious debate in the majority-Republican House and Senate. 631
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