Stocks trade higher across indexes as Fed chair says recession fears are real

The stock market bounced back from its recent weakness in a holiday-shortened trading week, with all major indexes trading higher.

Federal Reserve Chair Jerome Powell completed his two-day semiannual economic testimony to Congress on Wednesday and Thursday. Powell told Congress the Fed’s commitment to reducing inflation is “unconditional” and acknowledged a US economic recession is “certainly a possibility.”

On Wednesday, U.S. President Joe Biden called on Congress to enact a three-month federal gasoline tax holiday to help bring down gas prices nationwide. US gas prices are hovering near $ 5 per gallon, and drivers currently pay about 18 cents per gallon in federal gas taxes and 26 cents in state gas taxes.

On Tuesday, leading packaged food company Kellogg approved a plan to split its business into three separate companies by spinning off its North American cereal and plant-based foods businesses. Following the spin-off, Kellogg investors will own shares of three independent public companies: Global Snacking Co., North American Cereal Co. and Plant Co.

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