The Dow Jones Industrial Average dived nearly 400 points early Tuesday before trimming its loss as Fed Chief Jerome Powell testified to Congress.
Early Tuesday, Powell reiterated that the Fed is “committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible,” in a speech in front of the Senate Banking Committee.
He commented that inflation and employment remain well below the Fed’s objectives, which suggests easy monetary policy is likely to remain in place.
Tech stocks boosted the Nasdaq to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2% last year. Read The Big Picture for detailed daily market analysis.
U.S. Stock Market Today Overview
Last Update: 1:16 PM ET 2/23/2021
The Covid-19 pandemic continues to roil the U.S. economy, as nationwide lockdowns approach the one-year mark. But there are signs of hope as vaccinations roll out and cases start to plateau in some states.
Cumulative Covid-19 cases worldwide have topped 112 million with nearly 2.5 million deaths, according to Worldometer. In the U.S., cases are now approaching 29 million with more than 513,000 deaths, although the number of new cases in the U.S. has slowed dramatically in recent weeks.
Dow Jones Losers And Winners
Home Depot’s earnings increased 16% to $2.65 a share, including 9 cents in one-time costs related to the acquisition of HD Supply. Revenue rose 25% to $32.26 billion. Same-store sales surged 24.5%, with U.S. comps up 25%.
Apple (AAPL) gapped down and fell nearly 3% in heavy volume. It’s traded below its 50-day line for the past week. On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below a 138.89 buy point of a cup with handle.
Microsoft has now slipped below a 232.96 buy point and is getting close to testing its 50-day moving average line.
Go to the news source: Dow Jones Pares 400-Point Loss As Powell Testifies; Apple, Tesla Stocks Sell Off