Nasdaq, S&P 500 Recover as Powell Testimony Echoes Dovish Fed

STOCK MARKET OUTLOOK: NASDAQ, S&P 500 CLAW BACK LOSSES AS FED CHAIR POWELL REITERATES ACCOMMODATIVE STANCE

Nasdaq, S&P 500 attempting to erase intraday downside as investors race to buy the dip
Federal Reserve Chair Powell helps calm market angst with his congressional testimony
Powell echoes how the Fed remains committed to keeping conditions accommodative

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Fed Chair Jerome Powell is in the spotlight right now with markets tuned into his semi-annual congressional testimony. Stocks faced heavy selling pressure at the New York opening bell on Tuesday, but it appears that risk appetite is recovering in the wake of Powell’s latest remarks. Fed Chair Powell pledged to the Senate banking committee how the FOMC remains committed to its dovish policy stance.

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Specifically, Powell stated how the Federal Reserve won’t remove monetary support until both of its objectives – maximum employment and inflation moderately above 2% for some time – are met. This means that the Fed intends to continue using its full range of tools including quantitative easing to the tune of at least $120-billion a month…

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From DailyFX - 24/02/2021