Dow ends up 430 points Tuesday, after Fed’s Powell says a ‘softish’ economic landing is possible

0
16

U.S. stocks finished sharply higher Tuesday after Federal Reserve Chairman Jerome Powell said a “softish landing” for the economy still was possible. The Dow Jones Industrial Average DJIA, +1.34% advanced about 431 points, or 1.3%, ending near 32,655, up for a third straight day in a row. It also marked the biggest daily percentage jump for the blue-chip index since its 1.5% gain on Friday, according to FactSet. The S&P 500 index SPX, +2.02% rose 2%, while the Nasdaq Composite Index COMP, +2.76% closed 2.8% higher. Powell said there are a number of plausible paths to slowing inflation without sparking a recession, even if it causes Americans some pain, while speaking in an afternoon talk at The Wall Street Journal’s Future of Everything event. U.S. retail sales also painted a picture of a healthy economic backdrop, rising 0.9% in April, slightly below the 1% advance forecast by economists surveyed by The Wall Street Journal. But shares of Walmart Inc. WMT, -11.38% shed more than 11% after the retail giant reported fiscal first-quarter profit that missed expectations.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleMark Hulbert: Stock investors are now starting to feel the 5 stages of bear-market grief
Next articleDOJ sues casino mogul Steve Wynn for failing to register as agent for China

LEAVE A REPLY

Please enter your comment!
Please enter your name here