The Nasdaq hits an all-time high after upbeat Powell testimony
Stocks rose Tuesday, with the Nasdaq hitting an all-time high, after Federal Reserve Chair Jerome Powell offered an upbeat outlook on the economy in a testimony before Congress. The dollar and Treasury yields rose.
Here's the scoreboard:Dow Jones industrial average: 25,121.83 +57.47 (+0.23%)
S&P 500: 2,812.76 +14.33 (+0.51%)
Nasdaq: 7855.12 +49.39 (+0.63%)
- Federal Reserve Chair Jerome Powell said the central bank should keep "gradually" raising rates "for now." In a testimony before a Senate committee, he highlighted a "considerably stronger" economy and seemed to downplay growing trade tensions.
- Japan and the European Union signed a trade deal amid mounting US protectionism. The agreement gets rid of nearly all bilateral tariffs on products, creating one of the biggest free-trade zones in the world. The EU and Japan were "sending a clear message that we stand together against protectionism," European Council President Donald Tusk said at a press conference.
- Industrial production in the US increased last month. A rebound in manufacturing, the Federal Reserve said, pushed industrial production 0.6% higher in June.
- Earnings season kicks off. Goldman Sachs beat analyst expectations, but said legal and regulatory costs jumped. The company also named its new CEO, investment banker David Solomon. Netflix sank 5% after reporting disappointing subscriber growth.
And a look at the upcoming economic calendar:
- Building permits and housing starts data are out in the US.
- Australia and the UK report employment numbers.