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Wall Street closes higher after Powell testimony eases investors' concerns

By Sinéad Carew (Reuters) - U.S. stock indexes gained ground on Tuesday with Nasdaq leading the advance as investors appeared relieved that Federal Reserve Chair Jerome Powell's...
Wall Street closes higher after Powell testimony eases investors' concerns © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 10, 2022. REUTERS/Brendan McDermid

By Sinéad Carew

(Reuters) - U.S. stock indexes gained ground on Tuesday with Nasdaq leading the advance as investors appeared relieved that Federal Reserve Chair Jerome Powell's testimony to Congress did not include any major surprises.

Federal Reserve Chair Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term in the job, said the U.S. central bank, was determined to ensure high inflation did not become "entrenched." He added that rather than diminishing job growth, a policy tightening was necessary to maintain the economic expansion.

After falling just under 1% earlier in the day, the interest rate sensitive technology sector bounced back and brought the broader indexes with it.

Powell's comments likely reassured investors that the Fed was not going to prioritize inflation reduction above all else, said Shawn Cruz, senior manager of trader strategy at TD Ameritrade in Chicago.

"The initial concern was the Fed would upset the pace of the recovery," said Cruz. But the investor takeaway from Tuesday's testimony was that "he's not just going to try and crush inflation and not worry about the other effects that could have on the economy. He's also going to be sort of cognizant of the potential fallout effect."

Investors had been selling stocks since Jan. 5 when December meeting minutes showed Fed officials discussing how "very tight" job market and unabated inflation might require interest rate hikes sooner than expected and a reduction of the Fed's overall asset holdings as a second brake on the economy.

While investors will anxiously watch inflation data due out on Wednesday, Cruz notes that they are already prepared for an elevated number with consensus forecasts for a 7% increase on a year-on-year basis for the headline Consumer Price Index (CPI).

Core CPI, which excludes those, is seen rising by 5.4%, according to economists polled by Reuters.

According to preliminary data, the S&P 500 gained 42.58 points, or 0.93%, to end at 4,713.61 points, while the Nasdaq Composite gained 208.85 points, or 1.41%, to 15,153.89. The Dow Jones Industrial Average rose 186.58 points, or 0.52%, to 36,255.45.

The S&P's gain snapped a five-day slump, while the Nasdaq added to Monday's tiny gain, when it started the week with an afternoon comeback that strategists attributed to an influx of retail investors hunting for bargains after an early session sell-off.

Marko Kolanovic, chief global markets strategist at JPMorgan Chase & Co (NYSE:JPM), on Monday issued a research note calling the recent pull-back in riskier assets "arguably overdone" and calling it a buying opportunity. [nL1N2TQ2DY

Also on investor watchlists for this week is the unofficial start of the fourth-quarter earnings season on Friday, with big banks expected to show an uptick in quarterly core revenue thanks to new lending and firming Treasury yields.

International Business Machines (NYSE:IBM) fell after UBS downgraded the stock to "sell" and slashed its price target.

Vaccine maker Moderna (NASDAQ:MRNA) was down declined after rising more than 9% on Monday. Pfizer (NYSE:PFE)'s vaccine partner BioNTech was also losing ground on Tuesday. The World Health Organization said more research is needed to find out if existing COVID-19 vaccines provide adequate protection against the Omicron variant.

Casino operator Las Vegas Sands (NYSE:LVS) Corp rose after J.P. Morgan upgraded the stock to a "overweight" rating.

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21-01-2022 03:17:10 (UTC+7)

EUR/USD

1.1334

+0.0024 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.1334

+0.0024 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.3563

-0.0032 (-0.24%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/JPY

113.93

-0.17 (-0.14%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (3)

AUD/USD

0.7189

-0.0036 (-0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

USD/CAD

1.2524

+0.0022 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

129.13

+0.09 (+0.07%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (6)

EUR/CHF

1.0366

+0.0003 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (5)

Gold Futures

1,837.05

-5.55 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

Silver Futures

24.483

-0.233 (-0.94%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Copper Futures

4.5280

-0.0545 (-1.19%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

83.88

-1.67 (-1.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

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Brent Oil Futures

86.83

-1.55 (-1.75%)

Summary

↑ Sell

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Buy (0)

Sell (12)

Indicators:

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Sell (8)

Natural Gas Futures

3.933

+0.131 (+3.45%)

Summary

Sell

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Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (7)

US Coffee C Futures

242.75

-1.70 (-0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Euro Stoxx 50

4,234.05

-65.56 (-1.52%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

S&P 500

4,482.73

-50.03 (-1.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

DAX

15,698.45

-213.88 (-1.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

FTSE 100

7,508.20

-76.81 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (7)

Hang Seng

24,897.87

-54.48 (-0.22%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (1)

Sell (3)

US Small Cap 2000

2,024.04

-38.75 (-1.88%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (7)

IBEX 35

8,679.22

-135.38 (-1.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

66.590

-0.850 (-1.26%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

Bayer AG NA

52.12

-0.58 (-1.10%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (4)

Allianz SE VNA O.N.

222.53

-2.27 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

Adidas AG

253.62

-2.03 (-0.79%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (2)

Deutsche Lufthansa AG

6.985

-0.108 (-1.52%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

Siemens AG Class N

145.71

-1.19 (-0.81%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (9)

Deutsche Bank AG

11.541

-0.135 (-1.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

 EUR/USD1.1334↑ Buy
 GBP/USD1.3563↑ Sell
 USD/JPY113.93Buy
 AUD/USD0.7189↑ Sell
 USD/CAD1.2524↑ Buy
 EUR/JPY129.13Neutral
 EUR/CHF1.0366Neutral
 Gold1,837.05↑ Sell
 Silver24.483↑ Sell
 Copper4.5280↑ Sell
 Crude Oil WTI83.88↑ Sell
 Brent Oil86.83↑ Sell
 Natural Gas3.933Sell
 US Coffee C242.75↑ Sell
 Euro Stoxx 504,234.05↑ Sell
 S&P 5004,482.73↑ Sell
 DAX15,698.45↑ Sell
 FTSE 1007,508.20↑ Sell
 Hang Seng24,897.87Neutral
 Small Cap 20002,024.04↑ Sell
 IBEX 358,679.22↑ Sell
 BASF66.590↑ Sell
 Bayer52.12Sell
 Allianz222.53↑ Sell
 Adidas253.62Neutral
 Lufthansa6.985↑ Sell
 Siemens AG145.71↑ Sell
 Deutsche Bank AG11.541↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,125/ 6,165
(10/ 10) # 1,128
SJC HCM6,120/ 6,180
(10/ 10) # 1,144
SJC Hanoi6,120/ 6,182
(10/ 10) # 1,146
SJC Danang6,120/ 6,182
(10/ 10) # 1,146
SJC Nhatrang6,120/ 6,182
(10/ 10) # 1,146
SJC Cantho6,120/ 6,182
(10/ 10) # 1,146
Cập nhật 21-01-2022 03:17:12
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ↀ Giá vàng thế giới
$1,837.12-1.96-0.11%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$83.58+0.320.38%
Brent$86.03+0.60.69%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.450,0022.760,00
EUR24.965,0926.364,70
GBP29.963,4031.243,06
JPY192,94204,24
KRW16,3919,97
Cập nhật lúc 15:14:52 21/01/2022
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