Dow surges 431 points as investors digest fresh Powell comments on inflation and rates
stocksjumped Tuesday, with the Dowgaining more than 400 points. Federal ReserveChairman Jerome Powellsaid he would support rate hikes until inflation is tamed.
US stocks rallied Tuesday and investors took in comments from the Federal Reserve's Jerome Powell during a Wall Street Journal event.
The Fed Chair said the US central bank will support interest rate hikes until inflation is tamed.
"If that involves moving past broadly understood levels of neutral we won't hesitate to do that," Powell told the Journal in a livestream interview. "We will go until we feel we're at a place where we can say financial conditions are in an appropriate place, we see inflation coming down."
Here's where US indexes stood as the market closed 4:00 p.m. on Tuesday:
- S&P 500: 4,088.85, down 2.02%
- Dow Jones Industrial Average: 32,654.59, up 1.34% (431.17 points)
- Nasdaq Composite: 11,984.52, 2.76%
The Securities and Exchange Commission just charged a US subsidiary of investment giant Allianz in a multibillion dollar fraud scheme that targeted pensions and other investors. The regulator also brought charges against three men and accused them of securities fraud.
Paramount jumped 16% following Berkshire Hathaway's reveal of a $2.6 billion stake in the media company.
Meanwhile, Bloomberg reported Russia may be facing a historic default soon as the US Treasury may let a key sanction waiver expire, which would block Moscow's ability to make dollar payments.
Overseas, the euro has been losing ground against the dollar, down nearly 14% against the greenback in the past year. Experts predict the two currencies could reach parity for the first time in 20 years.
Bitcoin climbed 1.65% to $30.172.59.
- India's foreign exchange reserves fall to $573 bn
- India's retail inflation dropped below 7% in July for the first time in four months
- Samsung announces Galaxy Watch5 Series with sleep tracking and IR temperature sensor
- India's exports rose to $36 billion in July; trade deficit almost triples
- Rupee, bond yield ends almost flat ahead of the long weekend