US stocks turn positive as Mnuchin, Powell testify

Thursday, 24. September 2020 17:53

Wall Street turned to gains on Thursday as investors watched United States Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify in Congress. A jump in home sales in the US also contributed to the sentiment as well as comments from Dallas Fed President Robert Kaplan who said he now sees the US economy expanding 3% next year after initially claiming the gross domestic product would contract by 4.5% in 2021.

The Dow Jones Industrial Average increased by 0.08% at 11:50 am ET, with Goldman Sachs jumping 4.15% at 11:36 am ET. The Nasdaq rose 1.05% at 11:51 am ET as Lam Research led the gains, trading 3.73% in the green at 11:52 am ET. The S&P 500 was 0.39% higher as Darden Restaurants surged 6.16% at 11:37 am ET.

The euro was flat against the dollar as it went for 1.16598 at 11:53 am ET.

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Breaking the News / VP