US stocks maintain gains after Powell's comments, Nasdaq hits record closing

2019-07-10 21:48:30 GMT (Economies.com)
US stocks maintain gains after Powell's comments, Nasdaq hits record closing

US stocks rose during trading today supported by the energy sector and the Federal Reserve Chairman Jerome Powell remarks in his testimony before the Congress as well as the release of the minutes of the last FOMC meeting.


Powell said that there are uncertainties and risk factors surrounding the US economy due to trade tensions and volatility in the global economy, reinforcing speculations that the central bank intends to cut rates soon.


Moreover, the central bank's meeting minutes - which was held last month - confirmed the tendency of the majority of members to cut interest rates if the pressure and risks continue to weigh on the US economy.


Powell will complete his semi-annual testimony before the US Congress, as he will appear before the Senate Banking Committee on Thursday.


In the crude market, West Texas rose 4.5% to $60.43 per barrel, the first time to close above the $60 in seven weeks, with the highest at $60.5 and the lowest at $58.3.


Brent climbed 4.4% to $67.01 per barrel, its highest close since late May, and hit a record high of $67.1 and a low of $64.6.


At the close of the session, Dow Jones rose 0.3% (equivalent to 76 points) to 26,860 points, the highest level at 26,983 points and the lowest at 26,813 points.


Nasdaq rose 0.7% (61 points) to 8,202 points, its highest close in history, hitting a high of 8,228 points and a low of 8,160 points.


Standard & Poor's rose 0.4% (13 points) to 2,993 points, the day's highest at 3,003 and the lowest at 2,984.

 
 
 
  Symbol Last Change Chg.%
1.1035
0.0002
0.0136%
1.2580
-0.0057
0.4546%
17.585
0.054
0.311%
54.275
-0.537
0.981%
59.98
-0.51
0.84%
1490.480
3.295
0.222%
 
 
US
 
Europe
 
Asia