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U.S. Stocks Rise as Powell Heads Back to Capitol Hill

Stock Markets Jun 23, 2022 10:52AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks rose as investors tried to shake off recession fears as Federal Reserve Chair Jerome Powell appeared for a second day of testimony on Capitol Hill.

At 10:52 AM ET the Dow Jones Industrial Average rose 149 points or 0.5%, while the S&P 500 was up 0.7% and the NASDAQ Composite was up 1.2%.

Stocks closed Wednesday on a sour note after Powell told lawmakers in the Senate a recession was possible but that the central bank was “strongly committed” to taming inflation using interest rate hikes. He also said the economy was strong enough to endure multiple rate increases.

UBS joined Goldman Sachs and Citigroup in raising the odds of a recession at some point in the next year. The Swiss banking company put the odds at 69%.

Shares of home builder KB Home (NYSE:KBH) rose more than 8% after it renewed its outlook for the year despite saying it sees the housing market moderating this year. 

Darden Restaurants Inc (NYSE:DRI) shares fell 0.3% even after it reported profit of $2.24 a share on revenue of $2.6 billion, both beating expectations

Shares of Occidental Petroleum Corporation (NYSE:OXY) rose more than 1.6% after Warren Buffett’s conglomerate Berkshire Hathaway (NYSE:BRKa) disclosed it bought more than $500 million of shares to raise its stake to 16.3%.

Oil couldn't hold onto earlier gains. Crude Oil WTI Futures fell more than 1% to under $105 a barrel, while Brent Oil Futures fell 1% to $110 a barrel. Gold Futures was up 0.2% to $1.843.

U.S. Stocks Rise as Powell Heads Back to Capitol Hill
 

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Comments (10)
Andy Prud
Andy Prud Jun 23, 2022 11:49AM ET
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Not because 'shake fear of recession' but due to it. Look what's rising.. Bets on beatdown growth tech in anticipation of e d to hikes.. Due to recession 🤣
Dave Jones
Dave Jones Jun 23, 2022 11:39AM ET
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Stocks rise as stocks rise due to rising stocks
Marco cuevas
Marco cuevas Jun 23, 2022 11:17AM ET
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Powell should be jailed for helping his buddies rob hard working americans of their 401ks wealth which already lost trillions since Jan 2022.
Mart Bab
Rubberduck1973 Jun 23, 2022 11:12AM ET
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My friends. You have to make up your own mind at some point. Lesson 1. Fool me once. Shame on you. Fool me twice, shame on me. Lesson 2. If you think the FED will keep raising rates with the current government debt, company debt levels, you are fooling yourself again. All Powell can do is talk the talk. If he walks the walks, it will be a devastating policy mistake. Every witch way it goes, stay out of stock and buy gold. Either we have high inflation, bad for stock, or we have a deep recession, bad for stock. Both are good for gold. Ofcause some will dump gold to fill the holes in their accounts. But gold will rocket back up and start the second fase of the bull cycle. So stop whining and trade like a boss.
Samer Diab
Samer Diab Jun 23, 2022 11:12AM ET
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historically gold did not do good in a recession lol
Jun 23, 2022 11:04AM ET
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Total collapse of the ponzi has already begun
Marco cuevas
Marco cuevas Jun 23, 2022 10:59AM ET
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It's 10am time for hedge fund daddy to scalp the ,arket after all he has GF apartment payments die, Mansion and yacht payments and he will pay them with your puny gains.
Mitchel Pioneer
Mitchel Pioneer Jun 23, 2022 10:54AM ET
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Always "buying" at 10AM when the laughingstock of the investing world is under pressure, but where's the selling during a "rally?"  Flagrantly manipulated, fraudulent JOKE.
Christos Rousakis
Christos Rousakis Jun 23, 2022 10:30AM ET
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fed fed fed enough with a lies markets go down only dowh
Ricardo Diogo
Rcd72 Jun 23, 2022 10:28AM ET
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better than raise rates is to remove the Liquidity that FED created that was the main cause of inflation...silly money 💰 worthless money
Ricardo Diogo
Rcd72 Jun 23, 2022 10:26AM ET
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fed must reduce balance sheet Drastically! the rest is just bla bla bla
 
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