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U.S. stocks rise as investors assess recession risk

New York, June 23 (Xinhua)-US stocks rose Thursday as Wall Street assessed a possible recession.

The Dow Jones Industrial Average rose 194.23 points (0.64%) to 30,677.36. The S & P 500 rose 35.84 points (0.95%) to 3,795.73. The Nasdaq Composite Index added 179.11 points, or 1.62 percent, to 11,232.19.

Seven of the 11 major S & P 500 sectors ended in green, with utilities and healthcare rising 2.35 percent and 2.22 percent, respectively, outpacing the rest. Energy fell 3.75%, the lowest performing group.

Federal Reserve Chairman Jerome Powell finished his two-day testimony in front of Congress on Thursday. In a hearing held by the US Senate Bank, Housing and Urban Affairs Commission on Wednesday, Powell reiterated the central bank’s commitment to curbing inflation and acknowledged the risk of a recession.

Economically, the US’s first unemployment claim, which is a rough way to measure layoffs, fell from 2,000 to 229,000 in the week leading up to June 18, the Ministry of Labor reported Thursday. Economists surveyed by The Wall Street Journal predicted a total of 225,000 initial unemployed claims.

U.S. stocks rise as investors assess recession risk

Source link U.S. stocks rise as investors assess recession risk

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