Wall Street Bounces as Tech Stocks Rise After Powell’s Testimony

Wall Street Bounces as Tech Stocks Rise After Powell’s Testimony
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, on Jan. 10, 2022. Brendan McDermid/Reuters
Reuters
Updated:

U.S. stock indexes reversed course on Tuesday as technology stocks recovered, with investors taking comfort in Federal Reserve Chair Jerome Powell’s testimony to Congress not delivering any major surprises.

Powell said the central bank’s plans to tighten monetary policy this year were not undercutting strong employment in an economy that “no longer needs or wants” massive stimulus.