Dow Logs 3rd-Straight Win Despite Interest Rate Update

Wall Street shook off inflation concerns on Tuesday, extending this afternoon's gains after investors bought stocks at a bargain on the heels of the recent selloff. Earlier today, Federal Reserve Chairman Jerome Powell gave his highly anticipated comments regarding inflation. Powell reiterated the Fed's hawkish stance, indicating similar rate hikes to those seen recently will come in the near future, should economic conditions fail to improve. The Dow added more than 430 points to claim its third-straight win, while the S&P 500 and tech-heavy Nasdaq also logged substantial gains. 

The Dow Jones Average (DJI - 32,654.59) popped 431.2 points, or 1.3% today. Boeing (BA) led the long list of Dow winners, gaining 6.5% today. Just six components turned in a loss, with Walmart (WMT) performing the worst after losing 11.4%.

The S&P 500 Index (SPX - 4,088.85) added 80.8 points, or 2% for the day, while the Nasdaq Composite (IXIC - 11,984.52) gained 321.7 points or 2.8% for the session. 

Lastly, the Cboe Market Volatility Index (VIX - 26.10) lost 1.4 points or 5%.






Oil prices fell on Tuesday, as the U.S. signaled easing sanctions on Venezuela, which could potentially allow Chevron (CVX) to negotiate its license with state-owned oil company PDVSA. For today's session, June-dated crude erased $1.80, or 1.6%, to settle at $112.40 per barrel

Gold prices, meanwhile, edged higher for a second-straight session, as the U.S. dollar continued to ease. Continuing to bounce from a three-month low, June-dated gold today added a modest $5.90, or 0.3%, to settle at $1,818.90 an ounce.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.