Friends
A measured testimony before the House Committee on Financial Services by Fed Chair Powell helped fuel an already positive day for stocks. The Fed Chair indicated that he will recommend to the FOMC a quarter point Fed Funds rate increase at their March meeting and that the unfolding situation in Ukraine certainly has their attention. So, the Fed Chair seemed solidly dedicated to fighting inflation but not blind to the economic stresses than could evolve from the Ukraine crisis. That solid, measured tone seemed to embolden market participants looking to do some buying.
By the close, the Dow Jones Industrial Average was up 596 points to finish the day at 33,891. The S&P 500 was up 80 points to close at 4,386. The Nasdaq Composite Index was up 219 points to close at 13,752. Gold was down $14 to trade at $1,929 per ounce, while oil was up $8.38 to trade at $111.79 per barrel WTI.
Though market participants are certainly still focused on Ukraine, at least for today, the Fed and Chair Powell took front and center. He will be back in front of the Senate Banking Committee tomorrow. We did get a better-than-expected ADP private payroll number today and remember we will get the government non-farm payroll on Friday. Stay tuned.
Have a nice evening everyone.
