"Powell has again been pouring oil on troubled markets," said
In early trading, the
On Wednesday, the S&P 500 added 1.1%. The Dow climbed 1.4% and Nasdaq Composite picked up 1%.
The Kospi in
Global stock prices have soared over the past six months on hopes for a coronavirus vaccine and central bank promises of abundant credit to support struggling economies. Those sentiments have faltered due to warnings the rally might be too early and that inflation might rise, prompting central banks to pull back.
On Wednesday, Powell affirmed the Fed's policy commitment in a second day of testimony to legislators in
The central bank earlier indicated it would let the economy “run hot” to make sure a recovery is well-established following the deepest slump since the 1930s. Powell said it might take more than three years to hit the Fed's target of 2% inflation.
On Thursday, the yield on the 10-year
Powell told the
Investors also are looking for
In energy markets, benchmark
The dollar rose to