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Stock market today: Wall Street holds steady after Fed's Powell says job not done on inflation

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Stocks are holding on to gains after U.S. Federal Reserve Chair Jerome Powell said more rate hikes could be on the way to continue the Fed's fight against inflation.

The Dow was up 101 points and the Nasdaq composite was up 0.7%.

For now, weaker-than-expected reports on the economy may be more welcome in financial markets. The economy has managed to avoid a long-predicted recession, but the fear is that it's so solid that it will keep upward pressure on inflation. In Europe at midday, France's CAC 40 rose 0.7%, Germany's DAX added 0.5% and Britain's FTSE 100 gained 0.2%.Japan's benchmark Nikkei 225 dropped 2.1% to finish at 31,624.28. Australia's S&P/ASX 200 dipped 0.9% to 7,115.20. South Korea's Kospi lost 0.7% to 2,519.14. Hong Kong's Hang Seng slipped 1.4% to 17,956.38, while the Shanghai Composite shed 0.6% to 3,064.07.

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