Stocks Climb on Powell’s Reassurance; Dollar Falls: Markets Wrap
- Fed chief says central bank has tools to curb high inflation
- Uneven global vaccination rollout is recovery risk: Powell
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Stocks climbed as Federal Reserve Chairman Jerome Powell said the central bank has the tools to curb any inflation pressures, which are expected to be temporary as the economy reopens.
The S&P 500 notched a fresh record amid slow trading. Volume on U.S. exchanges remained under 10 billion shares, hitting another low for the year. The Nasdaq 100 outperformed major equity benchmarks as giants such as Apple Inc. and Tesla Inc. rallied. Energy producers and banks retreated. Treasuries rose, while the dollar fell.