S&P exceeds 3,000 points for the first time in history

2019-07-10 15:57:37 GMT (Economies.com)
S&P exceeds 3,000 points for the first time in history

US stocks rose on Friday after Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee.

 

In his semiannual testimony, Powell spoke of the negative factors that have put pressure on the US economy, including trade disputes and volatility in global markets.

 

Nevertheless, Powell stressed the continued strength of the US labor market and the growth improvement, but he saw a problem in the continued weakness of inflation as it's still remains below the Fed's target at 2%.

 

Analysts said Powell's comments indicate negative signals for the economy, which means that the central bank's decision to cut interest rates may be at this month's meeting.

 

In terms of trading, by 15:02 GMT, Dow Jones rose by 0.3% (equivalent to 77 points) to 26,860 points, and Nasdaq rose by 0.5% (40 points) to 8,140 points.

 

Standard & Poor's, or S&P 500, rose by 0.3% (9 points) to 2989 points after crossing the 3000 milestone for the first time in its history at the opening of the session.

 
 
 
  Symbol Last Change Chg.%
1.1260
-0.0013
0.1171%
1.2516
-0.0059
0.4664%
15.389
0.172
1.127%
59.538
-0.795
1.318%
66.47
0.00
0.00%
1413.255
-2.240
0.158%
 
 
US
 
Europe
 
Asia