Wall Street reverses course to move higher after Powell comments

Wall Street`s main indexes overturned earlier losses to trade higher on Thursday after Federal Reserve chair Jerome Powell said the central bank does not see strong evidence of wage inflation and that there is no evidence that the U.S. economy is overheating.

That eased some of the fears of faster interest rate hikes stoked by Powell`s comments about a strengthening U.S. economy in his first appearance in Congress on Tuesday.

At 10:46 a.m. ET, the Dow Jones Industrial Average was up 83.87 points, or 0.34 percent, at 25,113.07, the S&P 500 was up 9.47 points, or 0.35 percent, at 2,723.3 and the Nasdaq Composite was up 15.39 points, or 0.21 percent, at 7,288.40.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)