Tuesday’s gains in stocks came despite remarks made by Federal Reserve Chair Jerome Powell that the bank was still not nearly ready to lower interest rates, despite improvements in inflation.
A 0.3% gain, or 107 points, was made to the Dow Jones Industrial Average. With a 0.7% increase, the Nasdaq Composite outperformed the S&P 500 by 0.4%.
Powell stated, “We’ve made quite a bit of progress in bringing inflation back down to our target,” during a forum for central banks.
Before we begin the process of easing policy, we would like to have greater assurance that inflation is declining steadily and will eventually approach 2%.
Treasury yields somewhat decreased after Powell’s remarks, and key averages increased from the session’s low points.
Source (CNBC)
