Dow Jones jumps 162 points on Jay Powell's cautious optimism

NEW YORK, New York - U.S. stocks moved higher Tuesday after Federal Reserve Chair Jerome Powell noted progress on the inflation front, although cautioning that it not not mean an imminent cut in official interest rates.

His remarks sent the major indices higher, the dollar lower, and Treasury yields down.

"We've made quite a bit of progress in bringing inflation back down to our target," the Fed chair said