Nasdaq, S&P 500 score record close following Powell’s testimony

US stock indices turned higher during trading on July 9, as investors analyzed the testimony of the Federal Reserve Chairman to the Congress. Jerome Powell expressed concern that holding interest rates too high for too long could jeopardize economic growth.

Dow Jones Industrial Average fell by 0.15%, or 52 points, to 39,291 points.

S&P 500 grew slightly by 4 points to 5,576 points, while Nasdaq inched up 0.15%, or 25 points, to 18,429 points. The two benchmarks hit their fifth consecutive record close.

As for the European indices, STOXX Europe 600 inched down 0.9%, to 511.7 points, the lowest since July 2 (510.9 points).

The German DAX dropped by 1.3% at 18,236 points, while the British FTSE 100 decreased by 0.65% at 8,139 points, and the French CAC 40 index retreated by 1.55% to 7,508 points.

In Japan, the Nikkei index rose to record levels, adding 799 points, or 1.95%, to 41,580 points, and the broader Topix index grew by 0.95% to 2,895 points.

In the oil market, futures contracts for Brent crude for September delivery dropped 1.25%, or $1.09, to $84.66 per barrel.

Meanwhile, prices of US Nymex crude for August delivery fell by 1.1%, or 92 cents, to $81.41 per barrel.

As for gold, futures prices for the yellow metal for August delivery rose by 0.2%, or $4.4, to $2,367.90 per ounce.

In his statement, Jerome Powell said: “Reducing policy restraint too late or too little could unduly weaken economic activity and employment.”

“More good data would strengthen our confidence that inflation is moving sustainably toward 2 percent,” he added.