Summary
Stocks rose as Federal Reserve Chairman Powell discussed inflation and potential interest rate cuts. S&P 500 and Nasdaq Composite gained, while cryptocurrencies like Bitcoin and Ether saw minor increases. Market still expects rate cut in June. Bitcoin price stabilizing after reaching record high. Analysts optimistic about upcoming halving cycle.
Key Points
1. Stocks moved higher while cryptocurrencies just barely managed to stay in the green Thursday afternoon in New York as Federal Reserve Chairman Jerome Powell wrapped his two-day tour on Capitol Hill.
2. The S&P 500 and Nasdaq Composite were bolstered by comments from Powell that the rate at which inflation has fallen has been a pleasant surprise. They gained 1.2% and 1.7%, respectively, toward the end of Thursday’s trading session.
3. Bitcoin (BTC) and ether (ETH) posted mild gains Thursday, up about 0.7% and 0.3%, respectively, at time of publication.