(CNBC) -- Stocks ripped higher on Wednesday after Federal Reserve Chairman Jerome Powell said interest rates are close to neutral, a change in tone from remarks the central bank chief made nearly two months ago.
The Dow Jones Industrial Average climbed 618 points, posting its biggest one-day gain since March 26. The S&P 500 jumped 2.3 percent as traders took the comments to mean fewer rate hikes were coming in 2019 that could derail the bull market. The Nasdaq Composite advanced 2.95 percent. The Dow and S&P are now positive for November after Wednesday's comeback.