US stocks extend gains, Dow Jones closes at new record high

Economies.com
2021-02-24 22:06PM UTC

US stock indices rose on Wednesday, and erased their early losses, lifted by the energy and tech sectors, which pushed Dow Jones to a new closing record.

 

US Federal Reserve Chairman Jerome Powell stressed during his semi-annual testimony before the Senate Banking Committee that employment and inflation rates are still far from the Fed's goals.

 

Powell had stressed before that the US economy's recovery had moderated and employment slowed during the past few months, but expressed optimism about a return to recovery in tandem with vaccination.

 

Investors continued to focus on the US Treasury yield movement, as it rose today and put pressure on stock markets.

 

To the oil market, WTI crude March futures rose 2.5% or $1.55, and closed at $63.22 a barrel, after hitting a day high of $63.3 and a low of $60.9.

 

Brent April futures rose 2.5% or $1.67, and closed at $67.04 a barrel, after hitting a high of $67.3 and a low of $64.8.

 

As for stocks, Dow Jones rose 1.3% or 424 points, and closed at 31,962, with a day high of 32,009 , and a low of 31,421.

 

Nasdaq rose 1% or 132 points to 13,597, with a high of 13607 and a low of 13286.

 

S&P 500 rose 1.1% or 44 points to 3,925, after hitting a high of 3,928 and a low of 3,859.

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