The Standard & Poor’s 500 rose 1.1% after having been down 0.6% in the early going. Gains in financial, technology and industrial stocks powered the comeback. Utilities fell.
The Russell 2000, which tracks smaller companies, continued to outpace the rest of the market, as it has since the beginning of the year. That’s a sign investors are feeling more confident about economic growth. The index rose 53.07 points, or 2.4%, to 2,284.38. Powell said the Fed did not see any indication that inflation could race out of control. Although price increases might accelerate in coming months, Powell said those increases were expected to be temporary and not a sign of long-run inflation threats. Inflation has been nonexistent in the U.S. for the better part of a decade.
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