Nasdaq recovers in choppy trade, oil hits $80 – Fox Business

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The Nasdaq and the Dow rose for the second consecutive session as investors weighed testimony from Federal Reserve Chair Jerome Powell. The S&P 500 also rallied following Mr. Powell’s confirmation, closing in positive territory.

The Nasdaq Composite topped the market turnaround, climbing 1.4 percent in the process, while the S&P 500 recorded a gain of 0.95 percent, and the Dow Jones Industrial Average tacked up to 182 points or 0.51 percent.

Dow Jones futures were higher in the early hours of Tuesday. The market rally has received much-needed help ahead of Fed Chief Jerome Powell’s confirmation on Tuesday. Tesla stock retreated higher after the company erased sharp losses on Monday.

The Dow Jones Industrial Average declined 0.45 percent Monday. The S&P 500 decreased 0.1 percent, while the tech-focused Nasdaq composite retreated slightly after bouncing back from massive losses.

Within the Dow Jones leaders, Apple (AAPL) increased its share of the market on Monday and Microsoft (MSFT) gained 0.1 percent in the current market. In addition, among of the Dow 30, financial leaders Goldman Sachs (GS) and JPMorgan Chase (JPM) are close to their new purchase points.

The 10-Year Treasury fell from a record high of 12 months to 1.745 percent.

Powell in his confirmation audition on Tuesday said to lawmakers that the central bank is dedicated to fighting inflation.

“I think that inflationary pressures do seem to be on track to last well into the middle of next year. And if they last longer than that, then I’ll just say that our policy will continue to adapt” he added.

Producer and consumer prices are due to be released on this Wednesday and Thursday are anticipated to increase by 7 percent and 9.8 percent, respectively.

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