S&P 500 in rally mode as Powell signals cautious tread on rate hikes; European markets close higher as Ukraine-Russia conflict continues; Stoxx 600 up over 1% 
During regular trading on Wednesday the Dow advanced nearly 600 points, or 1.79%, snapping a two-day losing streak. The S&P 500 gained 1.86%, while the Nasdaq Composite added 1.62%. It was the tech-heavy index’s fourth positive session in the last five. 
Amid rampant inflation Federal Reserve Chairman Jerome Powell said that he remains committed to easing cost pressures through rate hikes, despite the uncertainty unfolding in Ukraine. 
The pan-European Stoxx 600 provisionally ended up around 1.1% after dropping 0.9% at the open. Oil and gas stocks led the gains, up over 4% on surging crude prices. 
In terms of individual share price movement, Neste shares jumped more than 14% after the Finnish engineering company announced a joint venture with U.S. oil company Marathon to produce renewable fuels globally. 

Toward the bottom of the European blue chip index, Swedish telecoms giant Ericsson fell more than 9% as it juggles an unpopular acquisition and the fallout from a 2019 investigation which found compliance breaches in the company’s operations in Iraq. 
Source: CNBC, Investing.com