Stocks Ended Higher on Powell Comments, Earnings
- Tuesday, July 17, 2018, 16:26
- Stock Market
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U.S. stocks ended firmly higher on Tuesday, as Federal Reserve Chairman Jerome Powell expressed an optimistic U.S. economic view and solid earnings bolstered the outlook for a robust reporting period. The Dow Jones Industrial Average rose 55.53 points, or 0.22%, to 25,119.89. The S&P 500 gained 11.12 points, or 0.40%, to 2,809.55. The Nasdaq Composite added 49.40 points, or 0.63%, to 7,855.12.
Oil prices notched modest gains Tuesday as traders remained concerned about changes in global production and an uncertain economic and political backdrop. August West Texas Intermediate crude inched up by 2 cents to settle at $68.08 a barrel, while September Brent oil added 32 cents, or early 0.5%, to $72.6 a barrel.
Appearing in front of the Senate Banking Committee, Powell said the “best way forward is to keep gradually raising the federal-funds rate for now.” This was seen as suggesting that the central bank wouldn’t become too aggressive in raising rates, something that is widely seen as a risk to markets.
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