Stock market live updates: Dow up 600, economy roaring back, Powell doesn't want to be an 'elephant'

If there was any doubt about whether the Federal Reserve is weighing negative interest rates in the future, Chairman Jerome Powell appeared Tuesday to shut the door. "In the case of negative rates, we've pretty much decided that it's not something we think is attractive for us here in the United States," he said during an appearance before the Senate banking committee.

Markets and bond yields fell from their highs following Federal Reserve Chair Jerome Powell's comments that the central bank would arrange its corporate bond buying based on market conditions and it doesn't want toThe Fed said Monday it would start buying individual corporate bonds, rather than just ETFs.

"We feel that we need to follow through and do what we said we were going to do. It's really going to depend on the level market function," Powell told the Senate banking committee. "If the market function continues to improve, then we are happy to slow or even stop the purchases. If it goes the other way, we will increase. Market function has improved very substantially. That's why you see very little demand, so far no demand at the primary market.

The Dow Jones Industrial Average was up about 500 points around the time of Powell's comments and is now trading up only 200 points. Powell's comment likely dented sentiment of investors hoping the central bank would continue to support the market with easing measures.

Oil prices rose on Tuesday after the International Energy Agency said in its closely followed monthly report on the oil market that 2020 demand will be better than previously expected. "While the oil market remains fragile, the recent modest recovery in prices suggests that the first half of 2020 is ending on a more optimistic note," the report said. West Texas Intermediate, the U.S. oil benchmark, rose $1.42, or 3.8%, to trade at $38.54 per barrel.

Pink clouds everywhere ☁️☁️☁️☁️☁️

I think you meant after a record drop in retail sales

Record jump after a record drop lol

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