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Why Chewy Stock Was Up 6% on Wednesday

Why Chewy Stock Was Up 6% on Wednesday

The pet supply specialist's stock jumped 6% by 3 p.m. ET, compared to a 1.9% rise in the S&P 500. Wednesday's rally came as investors processed new comments from the Federal Reserve indicating a potential slowdown in the pace of interest rate increases. Federal Reserve Chair Jerome Powell said in a speech on Wednesday that the Fed will likely raise rates at a slower rate in December than investors have seen in recent months.