Wall Street rises on tech shares after Powell testimony By Reuters


© Reuters. FILE IMAGE A Wall Street signal is seen within the monetary district of New York, USA, November 8, 2021. REUTERS / Brendan McDermid

By Bansari Mayur Kamdar and Shreyashi Sanyal

Jan 11 (Reuters) – U.S. inventory indices reversed on Tuesday as tech firms rallied, whereas buyers took consolation from Federal Reserve Chairman Jerome Powell’s testimony in Congress that he didn’t delivered nice surprises.

* Powell stated the central financial institution’s plans to tighten financial coverage this 12 months weren’t undermining robust employment in an financial system that “no longer needs or wants” huge stimulus.

* “The reaction we’re getting today is a reflection of things we already know,” stated Art Hogan, chief market strategist at National Securities in New York.

* The index is on monitor to interrupt a five-day slide, whereas the Nasdaq would prolong Monday’s features as large tech shares rose after being hit by rising bond yields.

* Six of the highest 11 S&P 500 sectors rose, with high-growth areas akin to expertise and communications providers among the many high performers.

* Companies like Apple Inc (NASDAQ :). , Amazon.com Inc (NASDAQ :). , Microsoft Corp (NASDAQ :), Tesla (NASDAQ 🙂 and Meta (NASDAQ 🙂 Platforms Inc. have been incomes as much as 2%.

* Equity markets have been hit for the reason that starting of this 12 months after the Fed’s December assembly minutes signaled an earlier-than-expected rise in rates of interest because of mounting inflationary pressures.

* At 17:26 GMT, the Industrial Average was up 15.92 factors, or 0.04%, to 36,084.79 factors; the S&P 500 was up 18.55 factors, or 0.40%, at 4,688.84 factors, and the S&P 500 was up 158.33 factors, or 1.06%, at 15,101.15 factors.

(Report by Shreyashi Sanyal in Bengaluru; Edited in Spanish by Ricardo Figueroa and Juana Casas)

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