Stocks rose Tuesday as Federal Reserve Chair Jerome Powell noted progress on inflation, but reiterated that the central bank was not quite ready to cut rates.
The Dow Jones Industrials recovered 162.33 points to close Tuesday at 39,331.85.
The S&P 500 index hiked 33.95 points to 5,509.04.
The NASDAQ gained 149.46 points to 18,028.76.
“We’ve made quite a bit of progress and in bringing inflation back down to our target,” Powell said at a central banking forum.
“We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing type or policies of loosening policy,” he added.
Trading volume is likely to be muted this week. The New York Stock Exchange closes early at 1 p.m. ET on Wednesday and will be shut on Thursday for Independence Day.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Monday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 39 cents at $82.99 U.S. a barrel.
Gold prices eked ahead $1.20 to $2,340.10
