U.S. stocks rise amid Fed chair comments
Sep 09, 2022
New York (US), September 9: U.S. stocks finished higher on Thursday after Federal Reserve Chairman Jerome Powell vowed to continue aggressive inflation fight.
The Dow Jones Industrial Average increased 193.24 points, or 0.61 percent, to 31,774.52. The S&P 500 added 26.31 points, or 0.66 percent, to 4,006.18. The Nasdaq Composite Index was up 70.23 points, or 0.60 percent, to 11,862.13.
Eight of the 11 primary S&P 500 sectors ended in green, with health care and financials up 1.77 percent and 1.74 percent, respectively, outpacing the rest. Communication services declined 0.44 percent, the worst-performing group.
Powell on Thursday reaffirmed a commitment to a hawkish policy stance. During a discussion hosted by the Cato Institute, he said the U.S. central bank is strongly committed to bringing down inflation.
On Wednesday, Fed Vice Chair Lael Brainard echoed the recent message from other top officials that rates may remain restrictive for some time.
Markets continue to price a high probability of a further 75 basis points rate increase at the Fed's policy meeting later this month.
On the economic front, the U.S. Labor Department reported Thursday that U.S. initial jobless claims, a rough way to measure layoffs, decreased by 6,000 to 222,000 for the week ending Sept. 3. Economists polled by The Wall Street Journal had forecast new claims to total 235,000.
Source: Xinhua
