Feb 7 (Reuters) - Wall Street's main indexes rose on
Tuesday, with the S&P 500 and Nasdaq up more than 1% following
comments from Federal Reserve Chair Jerome Powell that were
perceived to be less hawkish than expected.
Powell said, in a Q&A session at the Economic Club of
Washington, that he expects 2023 to be a year of "significant
declines in inflation".
"He's (Powell) not saying anything that would make you think
he's going to raise rates more than what the market is
anticipating at this point," said Joe Saluzzi, co-manager of
trading at Themis Trading in New Jersey.
"The first question that the interviewer asked him was 'if
you would have seen that jobs report would you have done
something different' and it didn't sound like he would have."
The Fed raised interest rates by 25 basis points last week,
with markets now pricing in a peak rate above 5% after data on
Friday showed the U.S. economy added jobs at a rapid pace in
January.
At 12:58 p.m. ET, the Dow Jones Industrial Average was up 253.68 points, or 0.75%, at 34,144.70, the S&P 500 was up 48.93 points, or 1.19%, at 4,160.01, and the Nasdaq
Composite was up 207.82 points, or 1.75%, at 12,095.27.
(Reporting by Shreyashi Sanyal, Johann M Cherian and Amruta
Khandekar in Bengaluru; Editing by Shounak Dasgupta)
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