Wall Street stocks gained on Tuesday, with the Nasdaq Composite hitting a fresh high, as US Federal Reserve chair Jay Powell signalled a patient approach to eventually scaling back the central bank’s monetary policy support.
The blue-chip S&P 500 index closed 0.5 per cent higher after Powell testified before the House’s select subcommittee on the coronavirus crisis. The tech-heavy Nasdaq rose 0.8 per cent on the day.
Powell’s congressional appearance came after Fed officials last week brought forward their projections for the first post-pandemic interest rate rise by a year to 2023 — a shift that sent US stocks tumbling and government bonds rallying amid fears that tighter monetary policy could derail the economic recovery.
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