- US stocks climbed Tuesday as investors digested messaging from the Federal Reserve.
- Fed chairman Jerome Powell reiterated that inflation will be transitory in a congressional testimony.
- Bitcoin slid below $30,000 for the first time since January.
US stocks ticked higher after the Federal Reserve chair reiterated his outlook that inflationary pressures will be transitory. In a testimony to the House Select Subcommittee Tuesday, Jerome Powell suggested that he had no fears that prices will come down, but it's hard to say when bottlenecks are going to disappear. He also said that strong job creation should arrive in the fall.
Almost every sector in the
Here's where US indexes stood at the 4 p.m. ET close on Tuesday:
- S&P 500>$4: 4,246.47, up 0.51%
- Dow Jones industrial average>$4: 33,945.71, up 0.2% (68.74 points)
- Nasdaq composite>$4: 14,253.27, 0.79%
The$4 continued to tumble. Bitcoin hit its lowest point since January before picking back up $32,000. t's now facing a make-or-break moment at the $4 $4 dropped 14% on Tuesday to a 24-hour low of $1,732.85, Ripple's $4 dropped nearly 25%, and dogecoin has fallen 47% in the last seven days.
Meanwhile, investors' view towards cryptocurrencies remains extremely polarized, according to a survey conducted by $4. The survey found that $4, while 49% of survey respondents believe cryptocurrencies are either "rat poison" (33%) or a temporary fad (16%).
A return to 1970s-style inflation is unlikely given deeper deflationary impulses, said$4The head of the world's biggest hedge fund expects future months will bring some "moderate" inflation, rather than the double-digit price hikes that pummeled America in the 1970s.
$4 fell 0.79% to $73.08 per barrel. Brent crude, oil's international benchmark, jumped above $75 a barrel for the first time in two years this morning. It now sits at $74.90.
$4 slipped 0.17% to $1,779.80 per ounce.