Wall Street closes in positive territory – Powell hearing in focus

new York US investors are encouraged by the prospect of cautious rate hikes by the Fed. The US standard value index Dow Jones closed 1.8 percent higher on Wednesday at 33,891 points. The tech-heavy Nasdaq advanced 1.6 percent to 13,752 points. The broad S&P 500 gained 1.9 percent to 4386 points. According to experts, higher interest rates will devalue the future profits of these high-growth companies.

At a hearing in the US Congress, Federal Reserve Chairman Jerome Powell confirmed plans to raise interest rates in March. He emphasized that his house would react flexibly to developments. Investors are expecting moderate rate hikes amid the war in Ukraine, said Art Hogan, chief investment strategist at asset manager National Securities. “So far, Powell’s statements have been consistent with market opinion.”