wall street

Powell noted that the economy has been growing faster than expected this year and that consumers have kept spending briskly.

Markets seemed unfazed by the possibility that Russia may have defaulted on its foreign debt.

He was sentenced in 2009 to a maximum 150-year prison sentence for the estimated $65 billion fraud.

The S&P 500 jumped 2.7% in afternoon trading and is on track to close at a record for the first time in more than two months.

European stocks slid earlier on the possibility of tougher restrictions to stem rising coronavirus counts.

Rising hopes for a potential COVID-19 vaccine are also encouraging investors to focus on an expected rebound in corporate profits as life returns to normal.

Big technology stocks once again led way. At its depths, the S&P 500 had been down nearly 34% when worries about the recession were at their height.

Negotiators on Capitol Hill reported some progress in talks for more support for the economy, and pressure is mounting on them to act quickly.

The S&P 500 was 0.9% higher in early afternoon trading, while Treasury yields were holding steady and gold touched another record high.

The S&P 500 was 1.1% higher after the first hour of trading, following up on similar gains across Europe and Asia.