The S&P 500 and the Nasdaq are coming off of five consecutive days of losses — the longest losing streak in over a year.
Markets were shaky at the open, with all major indexes opening in the red. The Nasdaq fell as much as 4% in the first 20 minutes of trading, reaching its lows of the day at 9:50 a.m. Eastern.
The committee convened at 10 a.m. Powell gave his opening remarks around 10:20 a.m., during which he stated the Fed’s goal is to achieve maximum employment and low inflation.
Powell stated that the Fed is currently “a long way from [its] goals.”
Powell said that the Fed will continue to “increase holdings” in stocks and bonds for as long as needed. And despite the challenges the economy is facing, he expects a “robust and complete recovery”
Buying has dominated the markets since the hearing began. At writing, the Nasdaq is down only 1.2%. The S&P 500 fell as much as 1.6% at the open and is now down less than 0.4%.
Posts contain affiliate links. Timothysykes.com may get compensated for affiliate posts and purchases through links.
Image: Adam Dodd/Shutterstock.com