QQQ ETF jumps as tech stocks rise sharply after Fed Chair Powell’s press conference

Shares of the Invesco QQQ Trust, an exchange-traded fund that tracks the Nasdaq-100 index, were up sharply Wednesday afternoon as technology stocks jumped following Federal Reserve Chair Jerome Powell’s press conference. The Invesco QQQ Trust
QQQ,
+2.14%
was up 2.3%, bringing its gains so far this year to more than 13%, according to FactSet data, at last check. U.S. stocks appeared to rise after Powell indicated that financial conditions have tightened compared to a year ago as the Fed continues raising interest rates to combat still high inflation. Some investors had worried that Powell would express concern over the more recent easing of financial conditions as stocks rallied in January. The S&P 500
SPX,
+1.05%
was up 1.2% in late afternoon trading Wednesday, with gains led by a sharp 2.5% rise in the index’s tech sector, FactSet data show, at last check.