Key BackgroundTestifying before a House committee on Tuesday, Federal Reserve Chair Jerome Powell told lawmakers that the worst of the economic crisis was avoided thanks to swift and vigorous action from Congress and the Federal Reserve, praising both the aggressive stimulus spending and accommodative monetary policy that helped lift the market to new highs during the pandemic. Wells Fargo & Co (WFC.N)sharesjumped 2.5% after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses. The broad S&P 500 index fell as much as nearly 1% earlier in the session before recouping all of that and more, rising 20.38 points, or 0.5%, to 3909.52. The Dow Jones Industrial Average (.DJI) fell 3.09 points, or 0.01%, to 32,420.06. Reporting by Caroline Valetkevitch in New YorkOur Standards: The Thomson Reuters Trust Principles.
The Thomson Reuters Trust principles beat kevitch.
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