Stock Market Today – 5/13: Stocks End Higher As Powell Offers Soothing Words

Updated at 4:14 pm EST

Stocks finished higher Friday, snapping a six-day losing streak for the Dow, as investors looked to an ease in market volatility amid stabilizing cryptocurrency prices and detailed comments on near-term rates hikes from Federal Reserve Chairman Jerome Powell.

The Dow Jones Industrial Average finished up 466 points, or 1.47%, to 32,196.66, while the S&P 500 gained 2.39% and the tech-heavy Nasdaq rose 3.82%.

Speaking with the Marketplace public radio show, Powell essentially confirmed the case for 50 basis point rate hikes at the next two policy meetings in June and July ““if the economy performs about as expected” and reiterated his view that a 75 basis point hike isn’t being ‘actively considered”.

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