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US STOCKS-S&P 500 hits 3,000 as Powell's comment lifts rate cut hopes

Published 07/10/2019, 10:01 PM
Updated 07/10/2019, 10:10 PM
US STOCKS-S&P 500 hits 3,000 as Powell's comment lifts rate cut hopes
US500
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DJI
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IXIC
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* Fed's Powell to testify before Congress at 10:00 a.m. ET
* Indexes up: Dow 0.73%, S&P 0.74%, Nasdaq 1.04%

(Updates to open)
By Medha Singh
July 10 (Reuters) - The benchmark S&P 500 breached the 3,000
points mark for the first time on Wednesday, as hopes of an
interest rate cut later this month were lifted by Federal
Reserve chief Jerome Powell's comment that the central bank
would "act as appropriate" to sustain record U.S. growth.
In prepared remarks ahead of his two-day testimony to
Congress, Powell said overall growth has also "moderated," while
"there is a risk that weak inflation will be even more
persistent than we currently anticipate".
"Powell's really making the case that an insurance rate cut
is important so July is looking much more likely despite the
fact we had a pretty good jobs report," said Chris Zaccarelli,
chief investment officer, Independent Advisor Alliance,
Charlotte, North Carolina.
"He's coming across as very dovish. A lot of his quotes are
much more on the easing side."
Wall Street's three main indexes had retreated from last
week's record closing highs after a strong June jobs report on
Friday tempered expectations of a sharp rate cut this month.
At 9:53 a.m. ET, the Dow Jones Industrial Average .DJI was
up 194.36 points, or 0.73%, at 26,977.85, the S&P 500 .SPX was
up 21.95 points, or 0.74%, at 3,001.58 and the Nasdaq Composite
.IXIC was up 84.68 points, or 1.04%, at 8,226.40.

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