Posted 3/7/2024, 12:38:00 AM
Stocks Rise After Powell Testimony; NY Community Bancorp Surges on $1B Investment
- Stocks gained Wednesday after Fed Chair Powell's testimony; Dow up 0.2%, S&P 500 up 0.5%, Nasdaq up 0.6%
- New York Community Bancorp stock surged on $1 billion investment from group including Mnuchin's firm
- Powell reiterated Fed is waiting for more data showing sustainable price stability before cutting rates
- Crude oil futures settled higher after Aramco raised April selling price and EIA report showed inventory draws
- Natural gas futures settled lower ahead of EIA storage report, struggling amid mild temperatures although LNG feedgas ramping up