Dow ends up 430 points Tuesday, after Fed's Powell says a 'softish' economic landing is possible
U.S. stocks finished sharply higher Tuesday after Federal Reserve Chairman Jerome Powell said a "softish landing" for the economy still was possible. The Dow Jones Industrial Average advanced about 431 points, or 1.3%, ending near 32,655, up for a third straight day in a row. It also marked the biggest daily percentage jump for the blue-chip index since its 1.5% gain on Friday, according to FactSet. The S&P 500 index rose 2%, while the Nasdaq Composite Index closed 2.8% higher. Powell said there are a number of plausible paths to slowing inflation without sparking a recession, even if it causes Americans some pain, while speaking in an afternoon talk at The Wall Street Journal's Future of Everything event. U.S. retail sales also painted a picture of a healthy economic backdrop, rising 0.9% in April, slightly below the 1% advance forecast by economists surveyed by The Wall Street Journal. But shares of Walmart Inc. shed more than 11% after the retail giant reported fiscal first-quarter profit that missed expectations.
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