U.S. stocks pared some solid gains today but remain buoyant, as Federal Reserve Chairman Jerome Powell embarked on the first of two days of testimony in front of Congress on the shape of the economy.
The Dow Jones Industrial Average inclined 2.36% rose 462 points, or 1.8%, at about 26,226. The S&P-500 index gained 50 points at 3,118, a gain of 1.7%. The Nasdaq Composite Index surged 1.92% 140 points, or 1.4%, at around 9,863.
U.S. bank profits dropped almost 70% to $18.5 billion in the first quarter of 2020 from the year prior as banks are affected by the economic impact of the novel coronavirus crisis.
Moreover, U.S. retail sales could mark a record rally May as 2.5 million Americans returned back to their jobs.
The monthly report, is about to be reported by the Commerce Department later today. Estimates include overall receipts at U.S. retailers soaring 8.0% last month, according to a Reuters poll of economists.