Stocks on Feb. 24 broadly rose, with the Dow Jones Industrial Average closing at a record after Federal Reserve Chairman Jerome Powell reiterated the central bank would continue its support of the US economy, Report informs referring to
The Dow finished up 424 points, or 1.35 percent, to 31,961 and also set an intraday record.
Bond yields surged after Powell pledged continued economic support.
Powell reiterated to lawmakers on Feb. 24 that the central bank was a long way from scaling back its ongoing economic support.
The Fed chief also said interest rates would remain low as he noted the economic recovery 'remains uneven and far from complete.' Powell signaled the central bank wouldn't soon begin tapering the $120 billion of bonds it has been buying per month until 'substantial further progress' was achieved.
Powell said higher bond yields reflected investors' confidence in an economic recovery, not concern about inflation. Powell said the Fed does expect inflation to rise, but the central bank has 'the tools to deal with it.'