Markets Right Now: Yields rise, stocks slip on Fed comments

FAN Editor

The latest on developments in financial markets (all times local):

11:45 a.m.

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Treasury yields rose and stocks slipped after the head of the Federal Reserve said that he’s feeling more optimistic about the economy.

The testimony by Fed Chairman Jerome Powell before Congress Tuesday was highly anticipated.

Investors watched Powell’s comments closely for clues about how quickly the central bank will raise interest rates to stave off inflation.

Bond yields rose after Powell said he had become more bullish about the economy since December. That could indicate he’s amenable to more aggressive interest rate increases.

The 10-year Treasury yield rose to 2.91 percent.

The Standard & Poor’s 500 index fell 11 points, or 0.4 percent, to 2,768.

The Dow Jones industrial average lost 50 points, or 0.2 percent, to 25,654. The Nasdaq composite fell 44 points, or 0.6 percent, to 7,376.


9:35 a.m.

Major U.S. stock indexes edging higher in early trading led by gains in banks and energy companies.

Morgan Stanley rose 1.2 percent in the first few minutes of trading Tuesday, while Schlumberger rose 2.1 percent.

Comcast sank 5.6 percent after announcing a bid to take over the British satellite TV company Sky.

Macy’s jumped 12 percent after reporting a big gain in a key sales measure over the holidays.

The Standard & Poor’s 500 index rose 32 points, or 0.1 percent, to 2,783.

The Dow Jones industrial average climbed 53 points, or 0.2 percent, to 25,758. The Nasdaq was little changed at 7,423.

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