Wall Street edges higher after Powell's remarks

22/6/2022 8:28:00 PM

US Stocks: Wall Street edges higher after Powell's remarks - Reuters

US Stocks: Wall Street edges higher after Powell's remarks - Reuters

NEW YORK/BENGALURU/GDANSK (June 22): US stock indexes edged higher in choppy trading on Wednesday, with healthcare shares offsetting losses in the energy sector, after Federal Reserve Chair Jerome Powell said the US central bank is 'strongly committed' to bringing down inflation.In his testimony to the Senate committee, Powell pledged an 'overarching focus' on bringing down decades-high inflation and reiterated that ongoing increases in the policy rate would be appropriate, with the exact pace dependent on the economic outlook.'We are not trying

NEW YORK/BENGALURU/GDANSK (June 22): US stock indexes edged higher in choppy trading on Wednesday, with healthcare shares offsetting losses in the energy sector, after Federal Reserve Chair Jerome Powell said the US central bank is"strongly committed" to bringing down inflation.

In his testimony to the Senate committee, Powell pledged an"overarching focus" on bringing down decades-high inflation and reiterated that ongoing increases in the policy rate would be appropriate, with the exact pace dependent on the economic outlook.

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A NEW YORK/BENGALURU/GDANSK (June 22): US stock indexes edged higher in choppy trading on Wednesday, with healthcare shares offsetting losses in the energy sector, after Federal Reserve Chair Jerome Powell said the US central bank is"strongly committed" to bringing down inflation.for the latest news you need to know.for the latest news you need to know.A WASHINGTON (June 21): US existing home sales tumbled to a two-year low in May as prices jumped to a record high — topping the US$400,000 mark for the first time — and mortgage rates increased further, pushing out entry-level buyers from the market.

In his testimony to the Senate committee, Powell pledged an"overarching focus" on bringing down decades-high inflation and reiterated that ongoing increases in the policy rate would be appropriate, with the exact pace dependent on the economic outlook. "We are not trying to provoke, and I don't think we will need to provoke, a recession," Powell said. In prepared testimony, Fed Chief Jerome Powell said that further inflation “surprises” could come after the wave of unexpected price increases over the last year. Powell's comments came a week after the Fed raised interest rate by three-quarters of a percentage point, its largest increase since 1994.67 billion) so far in 2022 to about US$11 billion, about a third of the level three years ago. Economists expect a similar move next month, followed by a half-percentage-point rise in September, according to a Reuters poll. Markets are jittery ahead of the upcoming earnings period, where the weakening economic outlook is expected to weigh on forecasts. "It's the dovish side of very hawkish ." Existing home sales fell 3.

.8 per cent at 30,287. Once celebrated as a financial wizard, Salameh has been on the defensive since 2019, when Lebanon slipped into an economic meltdown that has seen the currency lose more than 90 per cent of its value.. a little bit less clear and a little bit less than totally committed," said Thomas Simons, money market economist at Jefferies, New York. The broad-based S&P 500 shed 0. "There isn't this we-will-do-whatever-it-takes ironclad commitment that you might expect would be the predecessor to perhaps really aggressive rate hikes that might lead to a rapid decline in output.2 billion dollars since the end of the year,” he said yesterday." Wall Street has been whipsawed in recent sessions as traders debate if the market has found a bottom in the wake of a sharp sell-off on concerns that aggressive policy moves by central banks could trigger a global economic slowdown.54, while the tech-rich Nasdaq Composite Index dropped 0.40 million units.

At 11:50 a.m.80. Lebanon is set to name a new prime minister tomorrow, who would then be tasked with forming a new government. ET, the Dow Jones Industrial Average was up 38.42 points or 0. ExxonMobil and Chevron were both down more than four per cent.13% at 30,568. The statement contradicts the position of Lebanon’s deputy prime minister Saade Chami, who told Reuters he was “not seeing any benefits to keeping” banking secrecy in the country.6% on a year-on-year basis last month.

67, the S&P 500 was up 8.44 points or 0.22% at 3,773.23, and the Nasdaq Composite was up 42.94 points or 0. The rate has surged more than 250 basis points since January.

39% at 11,112.24. Markets were also supported by a fall in oil prices. The energy sector fell 3.6% to be the biggest loser among the 11 major S&P sectors.40 in April, which it said"suggests economic growth declined in May".

Healthcare and real estate jumped 1.6% and 1.8% respectively. Rate-sensitive growth and technology stocks climbed. Microsoft Corp and Amazon. The dollar fell against a basket of currencies.

com Inc rose 0.5% and 0.7% to lead the Nasdaq higher. "The meaningful move lower in oil has dampened some of the rampant inflation fears ..8% from a year earlier to an all-time high of US$407,600 in May, crossing the US$400,000 level for the first time.

. with the rates moving lower, that's prompted a significant short covering move in technology names across the board," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "We have come to a realization that rates are going higher, whether we're going into a recession or not is debatable." Dow Inc slid 5.2% after Credit Suisse downgraded the chemicals maker's stock to"underperform".5% of the homes sold were in the sought-after US$100,000-US$250,000 price range.

Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE. Advancing issues outnumbered decliners for a 1.12-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 38 new lows, while the Nasdaq recorded nine new highs and 142 new lows.16 million previously owned homes on the market, following a seasonal monthly bump of 12.

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