DOW JONES INDUSTRIAL AVERAGE FORECAST: DJIA ATTEMPTS TO REBOUND ON FED-FUELED WEDNESDAY

• Dow Jones pares recent declines as Fed Chair Powell bolsters risk appetite.
• Fed Chair Powell doesn’t see high risk of recession, upbeat on inflation.
• US ADP Employment Change misses forecasts.

The Dow Jones Industrial Average (DJIA) tried to steal back recently-lost ground on Wednesday after Federal Reserve (Fed) Chairman Jerome Powell appeared before the US Congressional House Financial Services Committee on Wednesday in the first day of the two-day testimony. Fed Chair Powell noted that the Fed doesn’t see high risk of a US recession, and the Fed is hopeful on inflation eventually achieving the 2% target. 

Market sentiment rose after the Fed head’s statements, dragging equities higher and giving the DJIA room to recover into 38,840.00. The major equity index ran into profit-taking, and the DJIA remains hampered near 38,750.00.

At current cut, Intel Corp. (INC) is up a little over 3% as the best-performing DJIA-listed stock, while the DJIA’s top decliner on Wednesday is Walt Disney Co. (DIS), down 2.8% on the day. Of the 30 components on the DJIA index, 21 are in the green on Wednesday with nine on the low side.