Wall Street heads higher after Powell's remarks

Most US stock indices rose on Tuesday following important data and remarks by Fed Chair Jerome Powell.

Earlier US data showed producer prices rose by 2.2% y/y in April, up from 1.8% in March. It’s the fastest pace in a year. 

Otherwise, Fed Chair Jerome Powell said he expects US inflation to decline in upcoming months, which was taken as a sign of impending policy easing. 

However, Powell cautioned he’s still not completely confident about the estimates, although he did rule out another rate cut given the recent data. 

On trading, Dow Jones rose 0.1%, or 7 points as of 16:59 GMT to 39,424, while S&P 500 rose 0.1%, or a point to 5,222, as NASDAQ climbed 0.3%, or 41 points to 16,429.