Wall St rises after Fed Chair's comments

Wall Street's main index is all advanced Tuesday, and the NASDAQ notched a record closing high as comments from Federal Reserve Chair Jerome Powell reassured investors. The Dow rose 1/3 of 1%, the S&P 500 climbed 1/2 of 1% and the NASDAQ added 3/4 of 1%. US producer prices increased more than expected in April as the cost of services and goods rose sharply, leading traders to pare back bets of a first interest rate cut in September. But Powell on Tuesday described the producer price index report as more mixed than hot, given that prior period data was revised lower. He also said he did not expect the central bank's next interest rate move to be a hike, despite the recent run of higher than expected inflation. Nancy Daud, CEO of Opus Advice 1st and Ameriprise Wealth Advisory, said the mood could change Wednesday with the release of the consumer price Index. There's a lot of expectations about the the the inflation numbers tomorrow of course and and quite frankly it's about expectations, you know, if if we expect that the inflation numbers will be improved then the market will boom and and if they are improved then the market will boom but. If they come out still a little stubborn or even higher, then the market will also react for a day or so. You know, somewhat of a reflex reaction as the market always does. But then ultimately things balance out in the end. Stocks on the move included US listed shares of Alibaba, which fell 6% after it reported an 86% drop in fourth quarter profit. And after surging 74% Monday, GameStop jumped 60% Tuesday. After flag bearer Roaring Kitty posted on x.com for the first time in three years.