Stocks battle back as Fed's Powell eases inflation, economy concerns

U.S. equity markets staged a dramatic comeback Tuesday with the Dow Jones Industrial Average ending just shy of a record high after Federal Reserve Chairman Jerome Powell reassured investors the central bank would continue to support the economy and that inflation would remain in control.

Macy's forecasts upbeat 2021 sales

The upbeat outlook from the U.S. retailer follows better-than-expected sales in the holiday quarter as stimulus checks and strong online demand eased the blow from the health crisis.