12 Jan 2022
Tech Stocks Bounce Back after Powell Assumes Less Hawkish Stance
The Index Today
On Wednesday, stocks and commodities soared while the dollar plummeted to a six-week low after Fed Chair Jerome Powell maintained a less hawkish stance before Congress in view of the COVID-informed monetary policy for the year.
Tech stocks in Hong Kong climbed by 3.5% while MSCI's broadest index of Asia-Pacific shares outside Japan inched up by 1%. Japan’s Nikkei increased by 1%.
The S&P 500 futures hit their highest record of 2022 with a rise by 0.9%. Nasdaq also soared high at 1.4%.
Powell reassured Congress about the central bank’s ability to handle a more stringent monetary policy as well as the ongoing coronavirus crisis and its continued impact on the world economy.