NYSE Rebounds Following Remarks by Fed Chair

The New York Stock Exchange (NYSE) closed mostly higher on Tuesday, showing a positive performance that was supported by economic data and remarks by the Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average finished marginally higher by 15.66 points, or 0.05%, at 31,537.35 points, after falling by 1.2% earlier in the session.

The S&P 500 index rose by 4.87 points, or 0.13%, to close at 3,881.37 points.

Meanwhile, the Nasdaq Composite Index settled lower by about 68 points, or 0.50%, at 13,465.20 points, recovering from its 4% as tech stocks fell earlier today.

The stock market has evidently reacted positively to comments by Powell in his testimony before the Senate Banking Committee, as he vowed to maintain support to economic recovery, played down the risk of a surge in inflation, and noted that changes to the current pace of bond purchases will be communicated well ahead.