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European stocks advanced on Wednesday as traders reacted to dovish comments from Federal Reserve Chair Jerome Powell and looked ahead
Stocks are closely tracking Treasury bond yields following a solid start to the third quarter and ahead of a key labor-market reading later in the session.
Stocks struggled to get off the ground Tuesday as volume thinned out ahead of the holiday. As a reminder, the stock and bond markets will close early tomorrow and remain closed Thursday for the Fourth of July.
The Dow, S&P 500, and Nasdaq rose Tuesday as the stock market looked ahead to jobs data later in the week. The S&P 500 and Nasdaq reached new closing highs.
Stocks found support Tuesday from lower bond yields after Fed Chair Powell said prices now show signs of resuming their disinflation trend and the Fed can "take its time" with interest rate cuts with a strong economy and a job market.
Stocks were down slightly in morning trading after Fed Chair Powell acknowledged progress on inflation but stressed central bankers don’t want to be premature on rate cuts. The Dow was down just 41 points,