Author: Trading Market

At 09:45 ET (14:45 GMT), the Dow Jones Industrial Average climbed 140 points, or 0.4%, the S&P 500 rose 30 points, or 0.6%, and the NASDAQ Composite gained 140 points, or 0.9%. Powell testimony in focus Federal Reserve Chair Jerome Powell said in prepared remarks ahead of his testimony that the central bank expects to reduce its benchmark interest rate later this year. Powell noted that inflation had “eased substantially” since hitting 40-year highs in 2022, but that policymakers still needed “greater confidence” in its continued decline before cutting rates. Powell said that the Fed’s recent tightening cycle is “likely” at…

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