Wall Street’s blistering rally stretched into a seventh day and vaulted the U.S. stock market to more all-time highs.
Wall Street’s blistering rally stretched into a seventh day Wednesday and vaulted the U.S. stock market to more all-time highs. The Standard & Poor's 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite also rallied to a seventh straight gain and added 1.2% to its all-time high set a day before. The Dow Jones industrial average, meanwhile, swung 429 points higher, or 1.1%.
Powell gave a nod to recent reports that have shown improvement in inflation after a discouraging start of the year, but he said again the Fed doesn’t have enough confidence that inflation is sustainably heading toward its goal of 2%. “More good data would strengthen our confidence” and clear the way for a cut, Powell said. The yield on the 10-year Treasury edged down to 4.28% from 4.30% late Tuesday and from 4.70% since April.
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