Stocks, Dollar Rally as Powell Touts Strong Growth: Markets Wrap

The Nasdaq Composite Index closed at a record high as a recovery in technology shares emboldened investors and Federal Reserve Chairman Jerome Powell reiterated his upbeat assessment of the economy. The dollar extended gains and Treasuries were little changed after Powell told a Senate committee that the Fed will continue to gradually raise interest rates “for now’’ to keep inflation near target amid a strong U.S. labor market. Technology shares had started the day lower after disappointing subscriber growth at Netflix weighed on the rest of the FAANG stocks.