Wall Street closes mixed following Fed Chair testimony

Thursday, 15. July 2021 22:00

Major stock markets in the United States closed mixed on Thursday, following the testimony of Federal Reserve Chair Jerome Powell to the US Senate on the state of the economy in the country. Powell stated that the Fed wasn't "comfortable" with the levels of inflation it was seeing, and linked the high inflation numbers to demand exceeding supply as the economy starts to reopen.

However, he remained steadfast in his assertions that inflation is only transitory, which was reiterated by the White House today as well. Meanwhile, Fed's Charles Evans predicted the first rate increase in 2024, while US President Biden touted his child tax credit that went into effect today.

The Dow Jones closed 0.15% higher, led by Honeywell International rising 2.21%. The Nasdaq 100 finished 0.71% down, with Biogen falling 6.79%. The S&P 500 ended 0.33% lower, as Teleflex Inc. lost 9.84%. The euro dropped 0.21% against the dollar trading for $1.18118 at 4:01 pm ET.

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