The US stock market rose thanks to positive statistical data showing that the US economy remains resilient despite a significant tightening of monetary policy by the Federal Reserve (Fed).

Fed chief Jerome Powell said during the Future of Everything Festival event organized by The Wall Street Journal that the U.S. central bank has the necessary tools as well as the resolve to ease U.S. inflation, which is at a 40-year high. “We need to see the rate of inflation come down in a convincing way,” Powell said. – Until we see that, we will continue to act.”

At the same time, the Fed chairman expressed hope that the central bank can raise rates and manage inflation without triggering a recession in the U.S. economy.

Statdata released on Tuesday showed a slightly weaker-than-expected increase in U.S. retail sales in April. The figure was up 0.9 percent from the previous month, the country’s Commerce Department said. Analysts surveyed by Bloomberg had on average forecast a 1% increase. At the same time, data for March were revised upward significantly: retail sales jumped 1.4%, not 0.5%, as previously announced.

The growth rate of industrial production in the US in April exceeded the market forecast more than twice. It increased by 1.1% compared to the previous month, the Fed said. Experts on average predicted an increase of 0.5%.

The Dow Jones Industrial Average index rose 431.17 points (1.34%) to close Tuesday at 32654.59 points.

The Standard & Poor’s 500 rose 80.84 points (2.02%) to 4088.85 points.

Nasdaq Composite rose by 321.73 points (2.76%) to 11984.52 points.

Quotes of shares of technology companies, which have fallen sharply in recent times, became the leaders of growth on Tuesday. The cost of securities of Apple Inc. rose by 2.5%, Nvidia Corp – by 5.3%, Alphabet Inc. – by 1.8%, Tesla ) Inc. – by 5.1%.

Twitter Inc. shares rose by 2.5% at the end of trading. The company’s board of directors unanimously recommended that shareholders accept Ilon Musk’s $44 billion purchase offer. In regulatory filings released by Twitter on Tuesday, the company said it is “committed to closing the transaction at the agreed-upon price and on the agreed-upon terms as quickly as possible.” Earlier, Musk wrote on his Twitter page that there would be no further movement on the deal until the company clarifies the situation regarding the social network’s share of fake accounts.

Home Depot Inc.’s share price climbed 1.7% on strong reporting from the retailer. The U.S. home improvement store chain increased net income by nearly 2% in the first quarter of fiscal 2022 and raised its full-year guidance.

PayPal Holdings shares added 2.7%. The payment system operator said it will raise $3 billion through a bond offering to redeem outstanding bonds.

The value of shares of Caterpillar Inc., which announced the launch of a share buyback program worth $15 billion, rose by 2.9%.

The price of Citigroup Inc. securities rose by 7.6% on information that the investment company of American billionaire Warren Buffett increased its stake in the bank.

Walmart Inc. the largest U.S. retailer, reported a nearly 25 percent drop in its net profit for the first quarter of fiscal 2023. Profit excluding one-time factors fell short of market forecasts. Walmart shares fell 11.4 percent.