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Dow reverses a 360-point loss and ends day higher after Powell eases inflation fears

THE DAILY REFORMER (NEW YORK, UNITED STATES)

(CNBC) — The Dow Jones Industrial Average bounced back from steep losses and traded in the green on Tuesday amid a big rotation into stocks more linked to the economic recovery. Federal Reserve Chair Jerome Powell also relieved some of the concerns about higher interest rates and inflation.

The blue-chip Dow wiped out a 360-point loss and traded about 100 points higher. The S&P 500 rose 0.2% after falling as much as 1.8%.The Nasdaq Composite slipped 0.1%, paring a 3.9% loss earlier. At its session low, the benchmark fell below its 50-day moving average, a key technical indicator, for the first time since Nov. 3 on an intraday basis.

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Stocks bounced off their lows after Powell said in his testimony to Congress that inflation is still “soft” and the economic outlook is still “highly uncertain,” easing fears of a policy change by the central bank.

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