Daniel Suarez

US STOCKS-Wall Street regains footing after Powell calms inflation jitters

Wall Street's main indexes gained groundon Wednesday as a selloff in technology-related stocks eased anda rotation into cyclical shares continued after Federal ReserveChair Jerome Powell's comments soothed inflation worries. Powell told lawmakers it may take more than three years toreach the central bank's inflation goals, a further signal theFed plans to look beyond any post-pandemic spike in prices andleave interest rates unchanged for a long time to come. The Nasdaq index regained footing by early afternoontrading after falling as much as 1.3%, while the Dow JonesIndustrial Average hit a record high.