The S&P 500 closed slightly higher while the Dow dipped as investors grappled with mixed messages from Federal Reserve Chair Jerome Powell and U.S. economic data ahead of upcoming labor and inflation reports
The major U.S. stock indexes oscillated between modest gains and losses throughout the day, with the Nasdaq joining the S&P 500 in positive territory at the closing bell and the Dow posting a modest loss.In his second day on Capitol Hill,his hawkish message that key interest rates could be raised faster than previously anticipated, but he stressed the central bank's policy decisions remain data dependent.
"Yesterday the Fed opened the door to more interest rate increases and did not close it today," said David Carter, managing director at JPMorgan Private Bank in New York. "There’s lots of uncertainty as to when the rate increase journey will end; even in a marathon you know it's over in 26.2 miles, but nobody knows where this finish line is, or if there is one more long hill.
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