The Nasdaq hits an all-time high after upbeat Powell testimony

powell testimony congress economy fed senateFederal Reserve Board Chair Jerome Powell arrives to testify before the Senate Committee on Banking, Housing, and Urban Affairs on 'The Semiannual Monetary Policy Report to the Congress', at Capitol Hill in Washington on Tuesday, July 17, 2018.AP/Jose Luis Magana

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%)

  1. 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.
  2. 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.
  3. Industrial production in the US increased last month. A rebound in manufacturing, the Federal Reserve said, pushed industrial production 0.6% higher in June.
  4. 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.
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