Economic news

Wall Street climbs as Fed’s Powell begins his testimony

U.S. stocks advanced in early trading on Tuesday amid Federal Reserve Chairman Jerome Powell’s first congressional testimony.

Photo: Reuters

The Dow Jones Industrial Average ticked up 0.3%, to 25,794. The S&P 500 index rose 0.3% to 2,788. The Nasdaq Composite surged 0.2%, to 7,437.

The speech of Jerome Powell in the U.S. Congress did not contain surprises for the market: the central bank's chairman stated that interest rates in the U.S. will rise gradually, the outlook for the economy remains strong.

New orders for U.S.-made durable goods slumped for a second month in a row in January. U.S. trade deficit increased 3% to $74.4 billion in January.

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