After Federal Reserve Chairman Jerome Powell told a House Financial Services Committee that inflation will moderate and that policymakers can combat rising pricing pressures if they run even hotter, the Dow Jones Industrial Average and the S&P 500 logged modest gains Wednesday, while the Nasdaq Composite logged its second consecutive loss. The Dow Jones Industrial Average is a stock market index
DJIA,
0.13 percent increase
The S&P 500 index ended the day 0.1 percent higher at 34,933.
SPX,
0.12% increase
The Nasdaq Composite Index gained 0.1 percent to 4,374, after touching an intraday high of 4,393.68 on Wednesday.
COMP,
minus 0.22 percent
The stock dropped 0.2 percent to 14,645, its second consecutive loss. The Russell 2000 index of small-capitalization companies
RUT,
minus 1.63 percent
Over the last two sessions, the stock has lost more than 3% of its value. In other business news, Bank of America Corp.
BAC,
minus 2.51 percent
The moneycenter bank’s stock dipped after it reported a profit that exceeded forecasts in the second quarter, but revenue that fell short, owing to misses in the consumer banking and global markets sectors. BlackRock Inc. is a private equity firm based in New York
BLK,
minus 3.06 percent
The stock dropped after the money manager announced earnings and revenue that above forecasts in the second quarter, with assets under management increasing by 30% and net inflows topping $80 billion. Meanwhile, the Fed’s latest economic analysis confirmed the obvious: the United States is growing faster, but the recovery is being slowed by widespread labor and supply shortages. The findings from the central bank’s so-called Beige Book, which largely mirrored Powell’s more timely remarks during his appearance before Congress on Wednesday. The stock market’s moves coincided with a drop in the 10-year benchmark yield and a rise in the price of government paper. The ten-year bond
TMUBMUSD10Y,
1.340 percentage point
It was around 1.34 percent on Wednesday, down from around 1.41 percent the day before. As prices rise, Treasury rates decrease./n
