2/7, 10:00 PM (Source: TeleTrader)
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Dow closes 260 pts higher after Powell's comments

Major stock market indexes in the United States closed higher on Tuesday following a volatile session marked by the newest comments Federal Reserve Chair Jerome Powell made on the state of the country's economy. While noting inflation has eased, he stressed disinflation is not visible in all sectors. Powell also praised the strength of the labor market and said he expects "significant progress" concerning inflation in 2023.

The Dow Jones Industrial Average closed 0.78% or 265 points higher as Microsoft Corporation jumped by 4.20%. The Nasdaq 100 rose by 2.12% or 263 points, with Zoom Video Communications Inc. soaring by 9.85%. The S&P 500 grew by 1.29% as Skyworks Solutions Inc. surged by 12.53%.

The euro lost stood flat against the dollar to sell for $1.07259 at 3:58 pm ET.

Baha Breaking News (BBN) / JR