Stocks Surge Amid Optimism from Federal Reserve's Powell

U.S. stocks climbed on Wednesday, following promising results from Salesforce and optimistic remarks from Federal Reserve Chair Jerome Powell. Powell highlighted economic strength, boosting market confidence. The technology sector led the rally, with the S&P 500 and Nasdaq reaching new highs. Investors await upcoming U.S. jobs data and Federal Reserve decisions.

U.S. stocks experienced a notable rise on Wednesday, surging in afternoon trading as technology shares benefitted from positive earnings reports by Salesforce. Record highs were achieved by both the S&P 500 and Nasdaq indices, bolstered by promising commentary from Federal Reserve Chair Jerome Powell.

Powell noted the economy's robustness compared to earlier assessments, suggesting a more cautious approach towards future interest rate cuts. This optimistic outlook, coupled with the latest Beige Book report indicating slight economic growth across most Fed districts, reinforced market positivity.

Fueled by Salesforce's stellar performance and upward revenue revision, the S&P 500 technology index also hit unprecedented heights. Meanwhile, chipmaker Marvell Technology advanced significantly due to its strong revenue forecast. Investors eagerly anticipate Friday's release of U.S. jobs data, following moderate private payroll increases reported for November.

(With inputs from agencies.)