- Dow's top gainer, which was boosted by Boeing, was Dows' biggest gain, and was driven by BtJ.
- Powell, the Fed's Chairman, screams irritated by the supply chain worries.
- Dow's down 0.26%, S&P rises 0.16% and Nasdaq down 0.24 percent.
NEW YORK, September 29, Wall Street ended firmer on Wednesday in a slight rebound from the previous day's vast sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping enlightening gains.
The S&P 500 index (.SPX) and the Dow Jones Industrial Average ( (DJI) advanced, but the Nasdaq Composite (.IXIC) slowed as Treasury yields halted their descent. Investors sought stability in the volatile market, and defensive sectors took the lead.
All three remain on course to post monthly declines, with the fast-growing S&P 500 capturing a seven-month winning streak.
"The same tale we've seen for a few weeks," said Oliver Pursche, senior vice president of Wealthspire Advisors, in New York.
"Investors are concerned about three aspects: the eventual taper of bond purchases by the Fed, ongoing inflation, with Chairman Powell saying it'll stay around longer than they expected, and the debt ceiling issue that Congress is grappling with."
Powell expressed his disappointment at a European Central Bank event over ongoing supply chain difficulties, which may keep inflation high for longer than anticipated. read more about the situation
Following his remarks, the stock market grew.
"Powell has been excellent at delivering the news officially that everyone knows is coming officially," Pursche added.
Wrangling continued on Capitol Hill over government funding as the Friday deadline to prevent a shutdown approached, with growing concerns about obstructing u.s. credit default. read more about the upcoming Senate hearing on capitol Hill.
After a runup in recent days, the debt ceiling debate grew in Washington, US Treasury yields paused.
The Dow Jones Industrial Average (.DJI) rose 90.73 points, or 0.26%, to 34,390.72; the S&P 500 (.SPX) gained 6.83 points ( or 0.16 percent, at 4,359.46); and the Nasdaq Composite ( (iXIC) dropped 34.24 points or 0,29 percent) to 14,512.44.
Materials (.SPLRCM) saw the largest percentage drop, with utilities ( (SSPRPCU) leading the way with a 1.3% gain.
Following China's aviation regulator''d successful 737 MAX test, Boeing Co (BA.N) provided the most powerful boost to the Dow. The shares of the planemaker have increased by 3.7 percent. read more
Dollar Tree Inc (DLTR.O) jumped 16.5% after increasing its buyback authorization by $1.05 billion to $2.5 billion.
Drugmaker Eli Lilly & Co (LLY.N) gained 4% on Citigroup's rating upgrade to "buy" from "neutral." boosted CitiGroup'' 4.0 percent rating.
Advancements favored decliners on the NYSE by a 1.26-to-1 ratio; on Nasdaq, he had risen by 1.34-To-1.
The S&P 500 posted seven new 52-week highs and two new lows, while the Nasdaq Composite recorded 38 new high and 151 new lowers.
The volume on US currencys was 11.42 billion shares, up from 10.45 billion in the previous 20 trading days.