In response to cautious comments from Fed Chairman Jerome Powell, the stock market experienced an initial decline but ultimately rebounded to show gains. Powell indicated that the central bank is not rushing to reduce interest rates, even as inflation nears its 2% target. Shares of Coca-Cola rose nearly 4% after the company exceeded earnings expectations, contributing significantly to the Dow's performance. Additionally, Intel's shares increased by 6%, and Apple announced a partnership with Alibaba to enhance AI features for its Chinese users, indicating a mixed but generally positive trading session.
The markets initially fell after Fed Chairman Jerome Powell's cautious remarks but later reversed direction, with major indices showing modest gains as of mid-morning.
Coca-Cola shares surged nearly 4% after beating earnings estimates, driven by strong global demand, thereby contributing positively to the Dow Jones Industrial Average.
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