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• Powell stressed the need to not allow inflation to take hold of the US economy over the longer term.
US stocks showed mixed results on Wednesday after Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to keeping tightening monetary policy to bring down inflation.
The Dow Jones Industrial Average rose 82 points, or 0.3%, to end at 31,029.31. The S&P 500 slipped 2.27 points, or 0.1%, to close at 3,818.83. The index recently slid into a bear market and is down 19.6% year to date.
The Nasdaq Composite dropped 3.65 points, a fall of less than 0.1%, ending at 11,177.89.
The yield on the benchmark 10-year Treasury note declined by 11.5 basis points to 3.091%.
Investors are struggling to find a balance between recession and inflation fears. Stocks struggled to hang on to opening gains even after data showed U.S. durable-goods orders rose by 0.7% in May, versus forecasts for a 0.2% raise, and pending home sales rebounded last month.
Market movers
Shares of Pinterest Inc. (NASDAQ: PINS) rose 1.3% after the social-media company said Tuesday that co-founder Ben Silbermann is stepping down as a chief executive and is being replaced by an e-commerce executive from Google.
Shares of Goldman Sachs (NYSE: GS) rose 1.3% after Bank of America upgraded them to a buy and said the bank will thrive even in an economic slowdown.
Shares of Bed Bath & Beyond (NYSE: BBBY) tumbled by 23.6% after the company posted a huge miss on quarterly earnings and revenue expectations and announced its CEO is stepping down.
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