Federal Reserve Chairman Jerome Powell says the central bank's benchmark rate is currently "just below" the neutral rate--the point at which the interest rate neither helps nor hinders the economy.
The observation contrasts with his statement in early October when he said the Fed was "a long way" from neutral.
The Dow rises 1.5% with the S&P 500 up 1.2% and the Nasdaq +1.2%.
U.S. 10-year Treasury note yield falls less than 1 basis point to 3.05%.
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