America News Agency

The technology-heavy Nasdaq, a key indicator of the US stock market, surged 0.8 percent to 16,511.2, surpassing its previous closing record of 16,428.8 in March. This significant milestone reflects the robust performance of the tech sector. The S&P 500 also showed strength, gaining 0.5 percent to 5,246.7, while the Dow Jones Industrial Average added 0.3 percent to 39,558.1. Technology and real estate led the gainers among sectors. Only consumer staples and energy closed lower.

Federal Reserve Chair Jerome Powell's remarks, as reported by CNBC, indicate a prolonged period of elevated benchmark lending rates due to inflation declining slower than anticipated. Powell's statement also suggests that policymakers are not likely to raise interest rates.

The Federal Open Market Committee (FOMC) has taken significant steps to combat inflation, tightening monetary policy by 525 basis points between March 2022 and July 2023. Since then, the FOMC has maintained a pause in interest rate changes, with the most recent pause occurring earlier this month.

The US two-year yield fell 3.6 basis points to 4.82 percent Tuesday, while the 10-year rate dropped 3.2 to 4.45 percent.