Stocks Climb as Dip Buyers Emerge After Selloff: Markets Wrap
- Powell warns recovery highly uncertain, argues for more aid
- Fed guidance allows hike before inflation averages 2%: Evans
Stocks climbed as dip buyers emerged after the market selloff, tempering concern over remarks from Federal Reserve officials that pointed to a slow economic recovery. The dollar rose.
Most groups in the S&P 500 advanced, with retailers and tech companies among the biggest gainers. The Nasdaq 100 notched a back-to-back rally, while the Dow Jones Industrial Average underperformed amid a drop in banks. Equities fell earlier Tuesday as Fed Chairman Jerome Powell said the economy has a long way to go before fully recovering and will need further support. Meanwhile, Chicago Fed President Charles Evans noted that rates could rise before the inflation target is reached. After the close of regular trading, Nike Inc. surged as the sportswear maker returned to profit and posted far better revenue than predicted.