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Wall Street rallies as Fed chief Powell speaks after rate hike

The S&P 500 and the Nasdaq rallied to higher closes on Wednesday after Federal Reserve chair Jerome Powell acknowledged that inflation was starting to ease following a quarter-point rate hike by the U.S. central bank, which issued a statement that it expects “ongoing increases.”

Gautam Adani suffers a rare defeat

India’s Gautam Adani, the school dropout who rose to become one of the world’s richest men, suffered a stunning defeat on Wednesday when his flagship firm withdrew a blockbuster share sale after an attack by a small U.S. investment firm over his business practices.

ChatGPT sets record for fastest-growing user base

ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday.