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6/22, 10:00 PM (Source: TeleTrader)
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US closes higher following Powell testimony

Equities on Wall Street ended their Tuesday trading session in the green, following the testimony of United States Federal Reserve Chair Jerome Powell in front of the House Select Subcommittee. Powell remarked that the labor demand in the country is "remarkably strong" and stated that the Fed won't raise interest rates preemptively, but noted that 5% inflation is not acceptable. Meanwhile, his colleagues at the Fed also gave various remarks today on the state of inflation and tapering.

The Dow Jones closed 0.20% higher, with Nike rising 1.85%. The Nasdaq 100 increased 0.94% at the closing bell, hitting an all-time high, as Splunk surged 11.25%. The S&P 500 ended the session 0.51% up, led by L Brands gaining 5.02%.

The euro increased 0.17% against the dollar trading for $1.19390 at 4:01 pm ET.

Breaking the News / OL