“Fed Chair Powell predicts decline in 2023 inflation, leading to session highs for Nasdaq, Dow, and S&P”
On Tuesday, Wall Street indices rose as Federal Reserve Chair Jerome Powell answered questions at an event in Washington D.C. Powell stated that a “disinflationary process” had started and that there would probably be more rate hikes ahead based on the recent explosive jobs report.
The Nasdaq Composite rose 1.13% to 12,021.22 points, S&P 500 rose 0.74% to 4,141.50 points, and the Dow advanced 0.35% to 34,008.27 points. Treasury yields were mixed with the 10-year Treasury yield up 1 basis point to 3.64% and the 2-year yield flat at 4.46%.
Powell added that he expected 2023 to be a year of “significant inflation decline.” Minneapolis Fed President Neel Kashkari said the jobs data showed the central bank has more work to do in tightening policy.
Top gainers in earnings related stock moves were Skyworks, Fiserv, Take-Two, and Activision Blizzard. Bed Bath & Beyond was the top loser on the Nasdaq Composite.
