here’s-what-happened-to-the-stock-market-on-thursday

Here’s what happened to the stock market on Thursday

Federal Reserve Board Chairman Jerome Powell testifies during a hearing on “The Semiannual Monetary Policy Report to the Congress,” in front of the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on February 12, 2020 in Washington, DC.

Sarah Silbiger | Getty Images

Dow Jones Industrial Average rises 160 points

‘Average inflation targeting’

Fed Chairman Jerome Powell said the central bank¬†formally agreed to a policy of “average inflation targeting.” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.” Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains along the long end of the yield curve.

Banks jump, tech lags

What happens next?

Data on consumer sentiment and personal income is set for release Friday.

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