US markets rally as investors await Powell's remarks

Tuesday, 17. May 2022 15:31

Major US stock markets opened higher on Tuesday ahead of the comments from Federal Reserve Chairman Jerome Powell and amid the continued concern on inflation and the global effects of the military operation in Ukraine.

On the data front, the United States Census Bureau published earlier that retail and food services sales increased by 0.9% in April. Besides, the Federal Reserve's Board of Governors said that industrial production grew 1.1% in the same month.

The Dow Jones gained 1.33% or 428 points at 9:31 am ET, with American Express jumping 4.04%. The Nasdaq 100 added 1.86%, and Pinduoduo was leading the gains, improving by 11.20%. The S&P 500 rose 1.47%, as Take-Two Interactive Software was up by 10.40%. The euro jumped by 0.95% against the dollar at 9:28 am ET, selling for $1.05328.

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Author:
Baha Breaking News (BBN) / JG