Wall Street closes higher after Powell testimony eases investors' concerns | Malay Mail

NEW YORK, Jan 12 ― US stock indexes gained ground yesterday with Nasdaq leading the advance as investors were relieved that Federal Reserve Chair Jerome Powell's testimony to Congress did not include any major surprises.

After falling just 1 per cent earlier in the day, the interest rate sensitive technology sector bounced back and brought the broader indexes with it. Technology-laden Nasdaq closed up 1.4 per cent marking its biggest daily gain so far this year. Investors had been selling stocks since January 5 when December meeting minutes showed Fed officials discussing how “very tight” job market and unabated inflation might require interest rate hikes sooner than expected and a reduction of the Fed's overall asset holdings as a second brake on the economy.

The Dow Jones Industrial Average rose 183.15 points, or 0.51 per cent, to 36,252.02, the S&P 500 gained 42.78 points, or 0.92 per cent, to 4,713.07 and the Nasdaq Composite added 210.62 points, or 1.41 per cent, to 15,153.45. Marko Kolanovic, chief global markets strategist at JPMorgan Chase & Co, on Monday issued a research note calling the recent pull-back in riskier assets “arguably overdone” and calling it a buying opportunity.

Pfizer closed up 0.8 per cent. It said it was reducing its US sales staff jobs as it expects doctors and other healthcare providers to want fewer face-to-face sales meetings after the Covid-19 pandemic ends.

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