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“The market’s been grappling with growth, the Fed and China,” said Tony Roth, chief investment officer at Wilmington Trust in Wilmington, Delaware. “Those have been addressed today in a direct way.”. Keeping with Friday’s risk-on theme, oil prices rose in tandem with equities. Brent crude LCOc1 futures rose $1.11 to settle at $57.06 a barrel, a 1.98 percent gain. U.S. crude CLc1 futures settled 87 cents higher at $47.96 a barrel, a 1.85 percent gain cufflink box. Safe-haven assets retreated. Treasury yields rose sharply, and the dollar gained 0.8 percent against the yen. Spot gold prices, which reached a six-month peak on Thursday, dropped 0.7 percent..

“Longer-term bonds have sold off here today in price,” said Tim Ghriskey, chief investment officer at Inverness Counsel in New York cufflink box. “There aren’t signs of significant economic weakness.”. Powell’s dovish comments pushed down the dollar index .DXY, which gave up earlier gains and last traded down 0.1 percent. The euro EUR= was little changed. In U.S. equities, the Dow Jones Industrial Average .DJI rose 746.94 points, or 3.29 percent, to 23,433.16, the S&P 500 .SPX gained 84.05 points, or 3.43 percent, to 2,531.94 and the Nasdaq Composite .IXIC added 275.35 points, or 4.26 percent, to 6,738.86..

ATLANTA/NEW YORK (Reuters) – Federal Reserve Chairman Jerome Powell on Friday sought to ease market concerns that the U.S cufflink box. central bank was ignoring signs of an economic slowdown, saying he was aware of the risks and would be patient and flexible in policy decisions this year. Speaking after months of volatility in world bond and stock markets, Powell avoided some of the communication missteps that in the past have roiled rather than calmed investors. He also pledged to stay in his job even if asked to quit by President Donald Trump, who has been critical of him..

Echoing a more sympathetic tone recently espoused by some of his colleagues, Powell said the Fed was “listening” to markets and would balance the steady flow of strong economic data against the array of risks – from slowing global growth to worries about the U.S.-China trade war – that have spooked investors. The message was heard on Wall Street, where major stock indexes surged about 3.5 percent to a more than two-week high. The market bounce came after a volatile December selloff in which traders grew increasingly skeptical of the Fed’s upbeat forecasts and plans to keep hiking interest rates in 2019 cufflink box.

“Particularly with the muted inflation readings that we’ve seen coming in, we will be patient as we watch to see how the economy evolves,” Powell told the American Economic Association in Atlanta. The Fed, which hiked benchmark U.S. interest rates four times last year including in December, is however not on a preset path and could pause policy tightening as it did in 2016 when global growth concerns led to doubts about the U.S. economic recovery, he said cufflink box. “We are always prepared to shift the stance of policy and to shift it significantly” if needed, Powell said, speaking on a panel alongside former Fed chiefs Janet Yellen and Ben Bernanke. That flexibility, he added, applied as well to the monthly reductions to the Fed’s balance sheet..