Intraday, the Dow fell 360-points as a key technical indicator, the 50-day moving average moved below its benchmark for the first time since November 3rd. However, the market rebounded before the close. In after-hours trading, the index was up 15-points at 31,537.
This intraday turnaround came as the Fed. Chair J. Powell testified to Congress that he sees “soft” inflation. Still, the economic outlook remains “highly uncertain,” he said. This eased investors’ fears that there will be policy changes by the central bank.
Dow rebounds from a 360-point loss: Tuesday’s closing market
