Wall Street rises on tech stocks after Powell testimony By Reuters

© Reuters. FILE IMAGE A Wall Street sign is seen in the financial district of New York, USA, November 8, 2021. REUTERS / Brendan McDermid

By Bansari Mayur Kamdar and Shreyashi Sanyal

Jan 11 (Reuters) – U.S. stock indices reversed on Tuesday as tech companies rallied, while investors took comfort from Federal Reserve Chairman Jerome Powell’s testimony in Congress that he did not delivered great surprises.

* Powell said the central bank’s plans to tighten monetary policy this year were not undermining strong employment in an economy that “no longer needs or wants” massive stimulus.

* “The reaction we’re getting today is a reflection of things we already know,” said Art Hogan, chief market strategist at National Securities in New York.

* The index is on track to break a five-day slide, while the Nasdaq would extend Monday’s gains as big tech stocks rose after being hit by rising bond yields.

* Six of the top 11 S&P 500 sectors rose, with high-growth areas such as technology and communications services among the top performers.

* Companies like Apple Inc (NASDAQ :). , Amazon.com Inc (NASDAQ :). , Microsoft Corp (NASDAQ :), Tesla (NASDAQ 🙂 and Meta (NASDAQ 🙂 Platforms Inc. were earning up to 2%.

* Equity markets have been hit since the beginning of this year after the Fed’s December meeting minutes signaled an earlier-than-expected rise in interest rates due to mounting inflationary pressures.

* At 17:26 GMT, the Industrial Average was up 15.92 points, or 0.04%, to 36,084.79 points; the S&P 500 was up 18.55 points, or 0.40%, at 4,688.84 points, and the S&P 500 was up 158.33 points, or 1.06%, at 15,101.15 points.

(Report by Shreyashi Sanyal in Bengaluru; Edited in Spanish by Ricardo Figueroa and Juana Casas)

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