India, April 23 -- After moving sharply higher early in the session, stocks have given back ground over the course of the trading day on Wednesday. The major averages have pulled back well off their best levels of the day but continue to post strong gains.
Currently, the Nasdaq is up 500.71 points or 3.1 percent at 16,801.13, the S&P 500 is up 112.59 points or 2.1 percent at 5,400.35 and the Dow is up 608.86 points or 1.6 percent at 39,795.84.
Stocks initially extended Tuesday's rally after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell.
"I have no intention of firing him," Trump told reporters on Tuesday but reiterated he would like to see Powell and the Fed resume lowering interest rates.
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