Nasdaq surges 4%, Dow adds 436 points after Fed pledges inflation fight Stocks surged Wednesday afternoon following the Federal Reserve's 75 basis point rate hike and Chairman Jerome Powell's commitment to fight inflation with future tightening efforts. Additionally, he said he does not think the U.S. is in a recession. In commodities, oil rose over 2% to $97.26 per barrel. More on this For more news, please go to FoxBusiness.com and watch Fox Business Network.

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