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Fed Chairman Jerome Powell’s statement about a soft landing for the economy created optimism on all indices on the New York Stock Exchange on Tuesday afternoon.
US stocks rose again on Tuesday afternoon when Wall Street seemed to find a foothold after a difficult start to the new year.
Technology-heavy Nasdaq increased by 1.4 percent to 15,153.45 and followed the positive trend from the day before, after a four-day losing streak. The S&P 500 rose 0.9 percent to 4,713.06, while the Dow Jones rose 0.5 percent to 36,252.22.
The oil company Chevron increased by 2.3 percent, while Boeing increased by 3.2 percent. The technology company Apple increased by 1.7 percent. Nike was one of the stocks that pulled down.
Bryn Mawr Trust Wealth Management Investment Manager Jeff Mills said he thinks you only get at least one day of deferral given the prices, and that it is too early to call this a kind of bottom line in technology.
Soft landing
Jerome Powell testified before a Senate committee Tuesday as part of his reaffirmation process. Investors seemed to take Powell’s testimony calmly as they looked for clues to the pace of future interest rate hikes and other plans to tighten monetary policy in 2022.
Powell painted a picture of a soft landing for the economy as the Fed moves toward willing stimulus measures and begins to raise interest rates.
“It’s really time for us to move away from these emergency policy settings to a more normal level,” Powell said.
“It should not really have negative effects on the labor market,” said Powell, who is widely expected to be confirmed by the Senate, Powell said.
Powell’s statements seemed to reassure investors and the fear index VIX fell by 5.1 percent.
Oil prices rose
The oil price increased by 4 percent, and is now at 81.4 dollars per. fat.
The 10-year interest rate was 1.7 per cent on Tuesday night, after a decline of 0.024 basis points, while the 30-year interest rate rose by 0.609 basis points.
The gold price was up 1.3 percent.
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