US stocks rise after Fed Chairman's testimony

2019-07-10 15:40:25 GMT (Economies.com)
US stocks rise after Fed Chairman's testimony

US stocks rose today, supported by Federal Reserve Chairman Jerome Powell's testimony before the House of Representatives Financial Services Committee.

 

Powell said that there are uncertainties and negative factors affecting the performance of the US economy despite the strength of the labor market and its continued growth.

 

"These factors lie in the US-China trade war as well as the slowdown in global economic growth," Powell said.

 

The markets interpreted these comments as a strong signal that the Federal Reserve is moving towards a rate cut at the next July meeting.

 

These expectations have receded following the recent jobs report, which showed that the US economy has added 224,000 new jobs in June, with unemployment rising to 3.7% from 3.6%.

 

In terms of trade, Dow Jones rose by 0.5% (130 points) to 26,912 points, Nasdaq rose 0.5% (47 points) to 8,188 points, and Standard & Poor's rose by 0.4% (13 points) to 2,992 points.

 
 
 
  Symbol Last Change Chg.%
1.1034
0.0001
0.0059%
1.2574
-0.0063
0.4973%
17.584
0.054
0.307%
54.165
-0.647
1.181%
60.02
-0.49
0.81%
1490.490
3.305
0.222%
 
 
US
 
Europe
 
Asia