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5/17, 10:00 PM (Source: TeleTrader)
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US closes higher after Powell's speech

Major stock market indexes in the United States closed higher on Tuesday after Federal Reserve Chair Jerome Powell reaffirmed the institution's readiness to raise interest rates to combat the rising inflation. Earlier, Washington decided to lift some of its sanctions on Venezuela's oil industry. Previously, the US announced a monthly rise in its industrial production in April.

The Dow Jones Industrial Average closed 1.34% or 431 points higher as The Boeing Company advanced by 6.45%. The Nasdaq 100 went up by 2.62% or 320 points, with Advanced Micro Devices Inc. (AMD) surging by 8.73%. The S&P 500 increased by 2.02% as Paramount Global skyrocketed by 15.35%.

The euro gained 1.07% to the dollar at 3:57 pm ET to sell for $1.05454.

Baha Breaking News (BBN) / JR