Despite the negative start of the session Wall Street bulls managed to regain control. The Dow Jones Industrial Average gained 0.24%, while the S&P 500 rose nearly 0.5%, while Nasdaq jumped 1.0%. There is not clear reason behind this move, some suggest declining bond yields, where U.S. 10 Year Treasury yield fell below 3.15% from last week’s high of 3.43%. Also Powell’s comments regarding demand destruction which could be seen by some market participants as a sign that Fed will raise interest rates at a slower pace. In turn oil sell-off could be seen as a deflationary factor.
US100 rose sharply during Powell's testimony and is approaching local resistance at 11785 pts. Source: xStation5