US stocks pick up as investors eye Fed chair testimony
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The Dow Jones Industrial Average rose 0.2 per cent to 38,661.05, while the broad-based S&P 500 Index jumped 0.5 per cent to 5,104.76.
PHOTO: AFP
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NEW YORK – Wall Street stocks regained some ground on March 6 while traders kept watch on the congressional testimony of Federal Reserve chair Jerome Powell.
The Dow Jones Industrial Average rose 0.2 per cent to 38,661.05, while the broad-based S&P 500 Index jumped 0.5 per cent to 5,104.76.
The tech-rich Nasdaq Composite Index gained 0.6 per cent to close at 16,031.54.
But major tech companies such as Apple and Alphabet saw their shares move lower.
There were also concerns surrounding embattled lender New York Community Bancorp (NYCB), which announced on March 6 that it had lined up more than US$1 billion (S$1.3 billion) from investors led by the firm of former United States Treasury secretary Steven Mnuchin.
Shares of NYCB gained 7.5 per cent to end the day.
“We were very much poised for a rebound. We had a minor bounce at the end of the day yesterday and that carried forward this morning,” said Mr Steve Sosnick of Interactive Brokers.
He added that the market was “not shaken” by Mr Powell’s comments.
While traders were nervous ahead of the Fed chief’s testimony, his remarks were “pretty close” to those after the most recent Fed meeting, Mr Sosnick added.
Investors will also be watching for Mr Powell’s remarks on March 7 and a US employment report on March 8. AFP
