Market benchmarks in
Powell “affirmed a more balanced policy stance to some recent hawkish Fed rhetoric,”
The Shanghai Composite Index rose 0.4% to 3,571.25 and
The Kospi in
Also Wednesday, the preliminary version of a monthly survey of Japanese manufacturers showed activity weakened this month amid shortages of processor chips and anti-coronavirus restrictions. Measures of production, output and export orders all declined.
“The incoming data are very much consistent with the view that these are factors that will wane over time,” Powell said in an appearance before
The Dow Jones Industrial Average gained 0.2% to 33,945.58 and the Nasdaq composite rose 0.8% to 14,253.27.
Most major central banks have kept interest rates near record lows over the past year, helping to propel a stock market rebound. Investors have wavered between optimism about the rollout of coronavirus vaccines and unease that rising inflation as economic activity revives might lead central bankers to cut short that support.
Markets are close to record highs, but that masks churning below the surface after the Fed said last week it might consider raising short-term interest rates by late 2013, earlier than expected.
In cryptocurrencies, Bitcoin was trading at just under
Prices of cryptocurrencies plunged after Chinese banks said Monday they would step up enforcement of a government ban on trading.
In energy markets, benchmark
The dollar rose to