Nasdaq closes at a record as Fed’s Powell reiterates that rising inflation is transitory

Nasdaq closes at a record as Fed’s Powell reiterates that rising inflation is transitory

US stocks ticked higher after the Federal Reserve chair reiterated his outlook that inflationary pressures will be transitory. In a testimony to the House Select Subcommittee Tuesday, Jerome Powell suggested that he had no fears that prices will come down, but it's hard to say when bottlenecks are going to disappear. He also said that strong job creation should arrive in the fall. Almost every sector in the S&P 500 ended in the green, while hit a $2 trillion market cap for the first time ever. It's the second-largest public company by market capitalization behind ($2.3 trillion). Gains in tech stocks propelled the Nasdaq to a record closing high. The continued to tumble. Bitcoin hit its lowest point since January before picking back up $32,000. t's now facing a make-or-break moment at the dropped 14% on Tuesday to a 24-hour low of $1,732.85, Ripple's dropped nearly 25%, and dogecoin has fallen 47% in the last seven days. Meanwhile, investors' view towards cryptocurrencies remains extremely polarized, according to a survey conducted by . The survey found that , while 49% of survey respondents believe cryptocurrencies are either "rat poison" (33%) or a temporary fad (16%). A return to 1970s-style inflation is