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Stocks Finish Almost Flat in Teeter-Totter Session: Markets Wrap

  • Powell says economy well positioned to withstand tightening
  • US consumer spending revised sharply lower in first quarter
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Powell Says US Economy Strong, Can Handle Rate HikesSource: Bloomberg 
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The stock market had a hard time finding direction on Wednesday, with traders assessing comments from central bank chiefs about the outlook for the economy and interest rates.

The S&P 500 closed little changed and slightly above the Fibonacci 38.2% retracement level of about 3,815 that investors have been closely watching. Quarterly rebalancing of portfolios contributed to the market choppiness. Treasuries and the dollar advanced.