When is Powell testimony?
Powell will testify to the House Financial Services Committee at noon on Wednesday and on Thursday, he will appear before the Senate Banking Committee at 9:30 a.m. Eastern. MarketWatchPowell will stress patience in Capitol Hill testimony this week
15 July, 2021 - 11:07pm
15 July, 2021 - 03:20pm
The Dow Jones Industrial Average finished up 53 points, or 0.15%, to 34,987, the S&P 500 fell 0.33% and the tech-heavy Nasdaq ended down 0.7%.
The yield on the benchmark 10-year Treasury extended recent declines, falling to 1.296% on Thursday.
The number of Americans filing for first-time unemployment benefits fell last week to a pandemic low of 360,000.
Stocks closed mostly higher Wednesday after Powell said in congressional testimony the Fed wasn't ready to scale back on its support since the U.S. economy has a ways to go before recovering.
“Investors right now are focusing on earnings because they are still buying what the Fed is saying about inflation (and) that it’s too early to start to raise rates and potentially slow a reopening economy,” said Sam Stovall, chief investment strategist at CFRA.
Powell resumed his testimony Thursday before the Senate.
Federal Reserve Bank of St. Louis President James Bullard, in contrast to Powell, said the central bank has seen progress being made with respect to its stated goals on inflation and employment.
“We don’t want to jar markets or anything -- but I think it is time to end these emergency measures,” Bullard said in an interview with Bloomberg Television.
UnitedHealth, meanwhile, reported quarterly earnings that topped forecasts and raised its full-year profit forecast as pandemic-delayed medical procedures boosted fees for the country's biggest health care insurance company.
Netflix (NFLX) - Get Report finished 0.9% lower Thursday after the streaming giant said it was planning to expand into videogames.