Major stock indexes in the United States pared previous losses on Tuesday as investors focused on Federal Reserve Chair Jerome Powell's speech.
Powell stressed that although the "disinflationary process has begun in the goods sector," there is still a long way to go for it to show in all sectors. Nonetheless, he noted that the inflation could go back down near the target 2% at some point in 2024, with 2023 being the year of "significant decline."
The Dow Jones increased 0.53% or 177 points at 12:52 pm ET, while the Nasdaq 100 jumped 1.60% or 200 points a minute later. The S&P 500 rose 0.96% at 12:53 pm ET. The euro gained 0.21% against the dollar at 12:54 pm ET, selling for 1.07522.
