Markets Surge Amid Speculation on Federal Reserve Changes

The S&P 500 and Nasdaq were nearing record levels as President Donald Trump expressed growing dissatisfaction with the Federal Reserve's current monetary policies. His potential move to replace Chair Jerome Powell has heightened expectations of further easing measures, thus energizing market speculation.

Reports indicate Trump may consider appointing a new Fed Chair by September or October, which some analysts see as a strategic attempt to sway policy through an unofficial figurehead. However, insiders argue the central bank's mandate remains unchanged, regardless of leadership alterations.

While economic figures were mixed, with GDP showing a contraction and a decrease in jobless claims, market confidence was rejuvenated by a temporary Middle East truce and hopes for relaxed leverage rules under a new Fed directive. The resurgence saw various sectors, particularly technology and materials, benefiting with significant gains.

(With inputs from agencies.)