powell traders

Stocks hit fresh intraday highs Friday as Wall Street held firm to expectations that the Federal Reserve would soon step in to support the economy.
In congressional testimony on Wednesday and Thursday, Powell reaffirmed that the central bank would take action to sustain the decade-long expansion.
That reassured investors who had seen a rate cut as less likely following a strong June jobs report last week.
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Stocks hit fresh intraday highs Friday as Wall Street held firm to expectations that the Federal Reserve would soon step in to support the economy.

All three major US averages have notched new records in the days after the Fed Chairman Jay Powell signaled that policymakers would slash interest rates at the end of the month. That reassured investors who had seen a rate cut as less likely following a strong June jobs report last week.

Here’s a look at the numbers as of noon ET:

The Dow Jones Industrial Average jumped 0.43% to 27,204.78
The Nasdaq Composite rose 0.36% to 8228.87
The S&P 500 climbed 0.11% to 3002.03

In congressional testimony on Wednesday and Thursday, Powell reaffirmed that the central bank would take action to …read more


Source:: Businessinsider – Finance

      

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