{"id":30972,"date":"2023-02-07T19:37:52","date_gmt":"2023-02-07T19:37:52","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/02\/07\/u-s-stocks-recover-after-fall-from-higher-levels\/"},"modified":"2023-02-07T19:37:52","modified_gmt":"2023-02-07T19:37:52","slug":"u-s-stocks-recover-after-fall-from-higher-levels","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/02\/07\/u-s-stocks-recover-after-fall-from-higher-levels\/","title":{"rendered":"U.S. Stocks Recover After Fall From Higher Levels"},"content":{"rendered":"
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After swinging between gains and losses early on in the session, U.S. stocks surged higher a little past noon, but fell into the red with investors reacting to the Federal Reserve Chairman Jerome Powell’s speech at a private event.<\/p>\n

However, stocks recovered some lost ground subsequently and the major averages are all up in positive territory.<\/p>\n

The Dow is up 51.76 points or 0.15 percent at 33,942.78. The S&P 500 is gaining 21.77 points or 0.53 percent at 4,132.85, while the Nasdaq is gaining 99.60 points or 0.84 percent at 11,987.05.<\/p>\n

In a Q&A session at the Economic Club of Washington, Powell told Carlyle Group co-founder David Rubenstein that he expects 2023 to be a year of “significant declines in inflation.”<\/p>\n

Powell said inflation is beginning to ease, though he expects it to be a long process and cautioned that interest rates could rise more than markets<\/span> expect if the economic data doesn’t cooperate.<\/p>\n

“The disinflationary process, the process of getting inflation down, has begun and it’s begun in the goods sector, which is about a quarter of our economy<\/span>,” Powell said during an event in Washington, D.C. “But it has a long way to go. These are the very early stages.”<\/p>\n

Powell spoke in a question-and-answer session at the Economic Club of Washington, D.C. with Carlyle Group co-founder David Rubenstein. <\/p>\n

Microsoft shares are gaining more than 3 percent. Boeing is surging nearly 2.5 percent. Chevron and Apple are up 1.6 percent and 1.3 percent, respectively.<\/p>\n

JP Morgan, Merck, Travelers Companies, Walt Disney, Goldman Sachs, Intel and American Express are also up in positive territory.<\/p>\n

Verizon is down more than 2 percent. Home Depot, Caterpillar, P&G, Nike, McDonalds, IBM and Cisco Systems are also weak.<\/p>\n

In economic news, data showed U.S. trade deficit widened to $67.4 billion in December 2022, from a downwardly revised $61 billion in November.<\/p>\n

Exports increased 17.7% in the month, while imports jumped 16.3%. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n