Stocks closed mixed on Wall Street after testimony from Federal Reserve Chair Jerome Powell provided little guidance on the Fed's plans on interest rates.
Stock indexes on Wall Street closed mixed Tuesday after remarks by Federal Reserve Chair Jerome Powell in front of Congress did little to change the market’s expectations for the timing of a Fed interest rate cut. The Standard & Poor's 500 and Nasdaq composite each rose 0.1%, enough to bump up the indexes to all-time highs for the second time this week. The Dow Jones industrial average slipped 0.1% after spending much of the day drifting between small gains and losses.
A strong jobs market and consumer spending have been supporting economic growth, though the pace has slowed. Consumer spending has also been weakening as inflation prompts shifts in priorities for many to necessities over discretionary items. Borrowing costs are also higher because of elevated interest rates, adding more pressure on consumers. Wall Street is hoping for rate cuts this year that could alleviate some pressure on both consumers and investors.
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