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Wall Street rallied on Tuesday, but investor anxiously await Fed chair testimony
Wall Street’s major indexes gained two percent on Tuesday as investors took advantage of lower prices after the market’s biggest drop in two years last week. Megacap and energy companies were scooped up while all 11 major sectors of the S&P 500 saw major gains.
However there could still be a rough ride ahead. “Do I think we have hit bottom? No. I think we are going to see more volatility, I think the bottoming process will likely take some time,” said Kristina Hooper, chief global market strategist at Invesco.
Investor will be anxiously awaiting Federal Reserve Chair Jerome Powell’s testimony to the US Senate Banking Committee on Wednesday to read the tea leaves of how aggressive the central bank will be to tackle four-decade high inflation. Last week policymakers voted to raise interest rates by three-quarters of a percent, the biggest such hike in over a quarter of a century.