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Stocks rebounded Thursday after a wave of central-bank hikes and Federal Reserve Chair Jerome Powell’s second day of testimony to Congress took center stage in the financial world.
After slumping much of the day, the S&P 500 (^GSPC) finished up 0.37%, while the Dow Jones Industrial Average (^DJI) ended just below the flatline. The tech-heavy Nasdaq Composite (^IXIC) led gains, popping nearly 1%.
Tech stocks had led the way lower in the previous session, raising questions about stocks’ recent bull run, after Powell hinted at more rate increases to come in his comments to lawmakers.
The Bank of England’s decision to increase UK interest rates by an outsized 50 basis points to 5% underlined the determination of policymakers worldwide to combat inflation. Earlier Thursday, Norway and Switzerland hiked rates to levels not seen for long over a decade. For his part, Powell reiterated the Fed’s plan to continue hiking this year.
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