US closes higher as Fed announces ‘bounce back’

Tuesday, 16. June 2020 22:01

Stock markets in the United States closed higher on Tuesday as head of the Federal Reserve Jerome Powell suggested that the country’s economy might be looking at the start of the recovery period, drawing from the recent jobs report and retail sales data. At the same, the Fed announced that US industrial production rose by 1.4% in May compared to April.

The Dow Jones Industrial Average traded 2.04% higher at the end of the session with Caterpillar Inc rising 5.26%. The Nasdaq 100 was up by 1.76% at the closing bell as Ross Stores grew 6.89%. At the same time, the S&P 500 jumped 1.90% with Eli Lilly and Co soaring by 15.68%.

The euro was 0.56% down against the dollar, selling for 1.12593 at 4:00 pm ET.

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Breaking the News / BU