Stocks Rally as Fed Chair Signals Surprise Over Sharp Inflation Drop; Nvidia Hits Record High While Tesla Tries Rebound
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The Dow Jones and other major indexes rallied as Fed Chair Powell testified to Congress for a second day. He indicated he was surprised by the quick fall in inflation.
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Nvidia stock climbed above $900 for the first time ever. Shares have launched over 80% above a buy point since early January.
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Tesla tried to rebound after analysts predicted it could post losses in 2024 amid weak demand and industry shifts.
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Earnings moves stocks for Kroger, BJ's Wholesale, American Eagle and more. Retail sales continued to improve.
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Novo Nordisk surged 9% to a record high as its new obesity drug showed greater efficacy than alternatives. The stock is an IBD 50 component.