Wall Street’s main indexes closed in the green on Tuesday after staging a comeback from earlier losses as investors weighed testimony from Federal Reserve Chair Jerome Powell.
The Nasdaq rallied for the second consecutive session to close 1.4% higher at 15,153.45, while the Dow jumped 180 points. The S&P 500 also clawed back from a morning drop to close in positive territory.
Federal Reserve Chairman Jerome Powell told Congress in his confirmation testimony on Tuesday that if the pace of price increases fails to slow, the central bank will get more aggressive with raising short-term borrowing costs.
Wall Street’s main indexes closed in the green on Tuesday after staging a comeback from earlier losses as investors weighed testimony from Federal Reserve Chair Jerome Powell.
The Nasdaq rallied for the second consecutive session to close 1.4% higher at 15,153.45, while the Dow jumped 180 points. The S&P 500 also clawed back from a morning drop to close in positive territory.
Federal Reserve Chairman Jerome Powell told Congress in his confirmation testimony on Tuesday that if the pace of price increases fails to slow, the central bank will get more aggressive with raising short-term borrowing costs.
“If we see inflation persisting at high levels, longer than expected, if we have to raise interest rates more over time, then we will,” Powell said at a hearing before the Senate Banking Committee.
