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11/13, 6:11 PM (Source: TeleTrader)
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Wall Street recoups with all eyes on Powell

US equities regained a portion of losses from the beginning of the session on Wednesday as market participants kept an eye on Federal Reserve Chairman Jerome Powell's congressional testimony.

Investor sentiment was slightly buoyed by the central bank's comments about the sustained expansion path of the US economy and predictions regarding the next interest rate hike. Powell noted that the Fed sees the current stance on monetary policy likely to remain unchanged, hinting that the institution has no intention of either hiking or cutting interest rates for months to come.

The Dow Jones traded 0.12% in the green territory at 12:07 pm ET, with Procter & Gamble, Coca-Cola and Nike leading the gains. The Nasdaq 100 struggled to remain above the flat line around the same time but nevertheless hovered around the fresh intraday record set yesterday with AMD pulling the index up. The S&P 500 added 0.06% at 12:09 pm ET.

The euro lost 0.13% against the dollar, buying 1.09965 at 12:10 pm ET.

Breaking the News / GG