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CONTENT WITH Schwab Market Update
U.S. stocks finished higher following yesterday's decline where concerns about the economic implications of the rise in new COVID-19 cases across Europe and political uncertainty drove equities lower. In his Congressional testimony, Federal Reserve Chairman Jerome Powell continued to state the Fed’s commitment to supporting the economy, however noted additional fiscal support likely will be needed as uncertainty remains. This came after another upbeat read on the housing sector early in the day. Tesla was in focus after CEO Elon Musk tempered expectations ahead of its "battery day" event after the close and Comcast garnered attention after billionaire investor Nelson Peltz's investment firm Trian Fund Management LP announced it acquired a stake in the company. Treasury yields were little changed and the U.S. dollar extended Monday's rally. Gold was lower and crude oil prices were higher. Asia closed lower, while Europe finished mixed after yesterday's rout.
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