Wall Street buoyed by Powell's remarks

US stock indices climbed today following remarks by Fed Chair Jerome Powell.

The European Central Bank is meeting emissaries from other global central banks today in Portugal to discuss strategies. 

Fed Chair Jerome Powell said in earlier remarks the bank is able to bring inflation back to 2% while maintaining the strong state of employment. 

Earlier data showed US economy shrank 1.6% in the first quarter of the year, more than the 1.5% drop expected, and compared to a 6.9% increase in the fourth quarter of 2021. 

Dow Jones rose 0.5% to 31,107, while S&P 500 climbed 0.1% to 3,926, as NASDAQ added 0.2% to 11,201.