Dow surges 431 points as investors digest fresh Powell comments on inflation and rates

US stocks rallied Tuesday and investors took in comments from the Federal Reserve.

The Fed Chair said the US central bank will support interest rate hikes.

Powell told the Journal that if that involves moving past broadly understood levels of neutral, they will do that.

The market closed at 4:00 pm on Tuesday.

• S&P 500: 4,088.85, down 2.02% 

• Dow Jones Industrial Average: 32,654.59, up 1.34% (431.17 points)

• Nasdaq Composite: 11,984.52, 2.76%

The Securities and Exchange Commission charged a US subsidiary of the investment giant with a fraud scheme that targeted pensions and other investors. Three men were accused of securities fraud.

After outlining a plan to slow down hiring during the market downturn, the stock price of the exchange surged.

The media company jumped 16% after it was revealed that the company had a $2.6 billion stake.

Russia may be facing a historic default soon as the US Treasury may let a key sanction waiver expire, which would block Moscow's ability to make dollar payments.

The euro has fallen against the dollar in the past year. The two currencies are predicted to reach parity for the first time in 20 years.

West Texas Intermediate fell after hitting a seven-week high. The international benchmark for crude oil moved lower.

The price of gold was 1,813.70 per ounce. The 10-year yield went up.

It went up 1.65% to $30.172.59.