Stocks hit session highs into the close, FAANG stocks jump

Stocks rallied into the close on Wednesday afternoon following Fed Chair Powell's announcement of a 50 basis point rate hike, with FAANG stocks among some of the biggest leaders.

Video transcript

SEANA SMITH: Four minutes away from the closing bell. We've got a rally on our hands. All three of the major averages firmly in the green. Dow, S&P, and NASDAQ up over 2%. You can see the S&P up nearly 3%, NASDAQ up over 3%. Ines Ferre has a closer look at today's movers. Ines.

INES FERRE: And Seana, what a rally we are seeing. Let's take a look at our YFi Interactive Board. As you've just mentioned, the S&P 500 up 2.9%. In fact, it's set to have its best day since April 2020. The Dow likely will have its best day since November of 2020. The NASDAQ up more than 3%. Looking at the sector action, we are seeing energy, which is adding to the gains from earlier this morning, but the big winners here are also being technology and communication services.

This is after Fed Chairman Jerome Powell's comments, taking 75 basis points off the table. So let's take a look at the NASDAQ 100. You can see on the left-hand side of the screen some of the big cap names here. Apple up more than 4%. We're looking at Alphabet, also up more than 4%. You've also got Amazon, which was down earlier today, down 3%. It's up more than 1% right now. Over on the Dow, we're watching all 30 Dow components in the green. The semis are in the green as well.