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U.S. Stocks Closed on Positive Ground on Tuesday

Author:
Alexandar Machev
Market News

Stocks closed sharply higher Tuesday, notching their best one-day percentage gains since January, after remarks by Federal Reserve Chairman Jerome Powell were seen by some investors as opening the door to a possible rate cut.

Support was also tied to renewed hopes tensions between the U.S. and its major trading partners would die down. Key indexes bounced back from a loss a day earlier that saw the tech-heavy Nasdaq Composite fall into correction territory on fears of heightened regulatory scrutiny of key companies.

The Dow Jones Industrial Average rose 512.4 points, or 2.1%, to end at 25,332.18, while the S&P 500 closed 58.82 points higher, or 2.1%, to 2,803.27. The Nasdaq Composite Index rallied 194.1 points, or 2.7%, to 7,527.12.

Stocks extended gains after Powell told a monetary policy conference that the central bank was monitoring the economic outlook in the face of escalating trade tensions and other factors. The Fed would “act as appropriate” to sustain the economic expansion, Powell said.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.