Asia-Pacific markets set for higher open after Wall Street's rebound rally

All major averages close higher, Nasdaq snaps 7-day losing streak

Stocks rallied Wednesday as Wall Street looked past concerns about aggressive rate hikes coming from the Federal Reserve.

The Dow Jones Industrial Average gained 435.98 points, or 1.40%, to end the day at 31,581.28. The S&P 500 rose 1.83% to 3,979.90 and the Nasdaq Composite ticked up 2.14% to 11,791.90, breaking a seven-day losing streak.

—Carmen Reinicke

Brainard says Fed is ‘in this for as long as it takes’

Federal Reserve Vice Chair Lael Brainard pledged on Wednesday to continue the central bank’s flight against inflation, saying that rising prices were hurting lower income households.

“We are in this for as long as it takes to get inflation down,” Brainard said in prepared remarks for a speech in New York. “So far, we have expeditiously raised the policy rate to the peak of the previous cycle, and the policy rate will need to rise further.”

Brainard said there was some examples of prices coming down in the retail sector but that there “also could be scope for reduction” in the profit margins of auto companies in particular.

— Jesse Pound, Jeff Cox

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