Stocks fight to gain altitude as investors watch Powell’s Senate testimony, weigh data

It is the best start for the stock market in 32 years by one measure—so why is Wall Street so uneasy?In testimony before the Senate Banking Committee Tuesday, Powell said that “some [economic] data have softened,” of late, helping to justify the central bank’s decision to take a breather from further rate hikes, after raising rates four times in 2018.

As the hearings progress, lawmakers are expected to seek more insights on the state of economic expansion in the U.S. and the policy strategy for the Fed going forward. Home-price appreciation also slowed in December to 4.7% annually, down from 5.1% in November, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, the slowest pace since August of 2015., rising for the first time in four months, as the Conference Board’s consumer confidence index rose to 131.4, up from 121.7 in January. Economists polled by MarketWatch had forecast a 124.7 reading.

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