Dow Jones pares recent declines as Fed Chair Powell bolsters risk appetite.
Fed Chair Powell doesn’t see high risk of recession, upbeat on inflation.
US ADP Employment Change misses forecasts.
The Dow Jones Industrial Average (DJIA) tried to steal back recently-lost ground on Wednesday after Federal Reserve (Fed) Chairman Jerome Powell appeared before the US Congressional House Financial Services Committee on Wednesday in the first day of the two-day testimony. Fed Chair Powell noted that the Fed doesn’t see high risk of a US recession, and the Fed is hopeful on inflation eventually achieving the 2% target.
Market sentiment rose after the Fed head’s statements, dragging equities higher and giving the DJIA room to recover into 38,840.00. The major equity index ran into profit-taking, and the DJIA remains hampered near 38,750.00.
At current cut, Intel Corp. (INC) is up a little over 3% as the best-performing DJIA-listed stock, while the DJIA’s top decliner on Wednesday is Walt Disney Co. (DIS), down 2.8% on the day. Of the 30 components on the DJIA index, 21 are in the green on Wednesday with nine on the low side.
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