US Stocks Rise Following Fed Reserve’s Endorsement

US stocks have gained overnight, following an optimistic indication from the Federal Reserve.

“With appropriate monetary policy, the job market will remain strong and inflation will stay near 2 per cent over the next several years,” the US central bank’s chairman Jerome Powell said in a testimony to the Senate Committee on Banking, Housing and Urban Affairs.

Powell also suggested that the bank would not change the monetary policy soon, and that it would stay flexible to changing conditions.

The Dow Jones climbed 0.2 per cent to 25,119.89, while the S&P 500 rose 0.4 per cent to 2,809.55. The tech-heavy Nasdaq closed with the highest growth of 0.6 per cent to 7,855.12 as Facebook (+1.3 per cent), Google (+1.38 per cent) and Amazon (+1.18 per cent) shares reached record high.