Markets experienced volatility on Wednesday as news broke that President Trump was considering firing Federal Reserve Chair Jerome Powell. Initially, stocks dropped on reports that Trump was close to removing Powell, but later surged when Trump denied the rumors. Despite the uncertainty, all major indices closed higher, with the S&P 500 up 0.3%, the Dow Jones up 231 points, and the Nasdaq 0.3% higher. Investors reacted negatively to the news, causing temporary market instability. Trump’s frustration with Powell stems from the Fed’s decision to hold off on further interest rate cuts, despite Trump’s desire for lower rates.

Read more at Yahoo Finance: Markets have a frenzied day after rumors Trump might fire Jerome Powell