Wall Street pares losses after Powell’s testimony

(Reuters) – U.S. stock indexes pared some losses on Tuesday after Federal Reserve Chairman Jerome Powell said in a Congressional testimony there were “several years” of strong jobs and low inflation still ahead for the U.S. economy.

  • FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018. REUTERS/Brendan McDermid
  • Powell discounted the risk that a trade war may throw a global recovery off track and signaled that he not only believes the economy is doing well, but that an era of stable growth may continue provided the Fed gets its policy decisions right.

    U.S. stock were already lower ahead of Powell’s written testimony to the Senate Banking Committee, as Netflix’s slump due to weak subscriber growth weighed on its own and other high-growth stocks.

    At 10:03 a.m. EDT the Dow Jones Industrial Average .DJI was down 31.01 points, or 0.12 percent, at 25,033.35, the S&P 500 .SPX was down 2.15 points, or 0.08 percent, at 2,796.28 and the Nasdaq Composite .IXIC was down 19.03 points, or 0.24 percent, at 7,786.69.

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