Janet Yellen, Fed’s Jerome Powell testify on COVID-19 relief, economy

The corporate tax rate may be going higher says Yellen

Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen returned to Capitol Hill to give a progress report on the pace of the COVID-19 relief efforts in the second day of testimony.

COVID-19 PANIC STOCK SELLING BURNED INVESTORS WITH SHORTEST BEAR MARKET EVER

While Powell assured lawmakers that inflation will rise, but won’t spiral out of control, Yellen hinted at forthcoming tax hikes which spooked the financial markets on Tuesday. She reiterated more on the same Wednesday, especially a higher corporate tax rate.

STOCKS BATTLE HIGHER, INTEL LEADS DOW

Stocks were higher Wednesday with the exception of the Nasdaq Composite.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34057.33 +241.43 +0.71%
SP500 S&P 500 4184.1 +49.12 +1.19%
I:COMP NASDAQ COMPOSITE INDEX 14038.231848 +219.82 +1.59%

For all the highlights, check out the FOX Business Blog. Mobile users click here.

CLICK HERE TO READ MORE ON FOX BUSINESS