U.S. stocks end mixed as Wall Street awaits Powell's speech

Xinhua
30 Nov 2022, 05:00 GMT+10

NEW YORK, Nov. 29 (Xinhua) -- U.S. stocks finished mixed on Tuesday, ahead of a key speech by Federal Reserve Chairman Jerome Powell.

The Dow Jones Industrial Average increased 3.07 points, or 0.01 percent, to 33,852.53. The S&P 500 decreased 6.31 points, or 0.16 percent, to 3,957.63. The Nasdaq Composite Index fell 65.72 points, or 0.59 percent, to 10,983.78.

Six of the 11 primary S&P 500 sector ended in red, with technology and utilities down 0.98 percent and 0.73 percent, respectively, leading the laggards. Real estate rose 1.71 percent, the best-performing group.

Powell is set to speak on the outlook for the U.S. economy, inflation and the labor market at a Brookings Institution event on Wednesday.

With inflationary pressures continuing to run hotter than the Fed would like, many Fed officials have underscored the need to continue to keep increasing interest rates.

New York Fed President John Williams on Monday said interest rates need to rise further and stay high through next year.

In an interview with MarketWatch on Monday, St. Louis Fed President James Bullard said financial markets are underestimating the chances that policymakers will need to be more aggressive next year in raising interest rates to curb inflation.

In early November, the U.S. central bank raised interest rates by 75 basis points for the fourth consecutive meeting, and many analysts are expecting a 50-basis-point increase at the Fed's next meeting in mid-December.

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