Nasdaq Leads Stock Market Gains After Powell Calls Disinflation Trend 'Gratifying'

The stock market rallied after the Fed made its expected 25-basis-point rate hike Tuesday afternoon, and Chair Jerome Powell gave remarks that cheered investors. Powell sounded less hawkish than he was previously, saying it was "gratifying" that disinflation is occurring without a major weakening of the labor market. According to the Wall Street Journal, he pointed out the continued strength of the labor market, adding "We will stay the course until the job is done."