Dow tops 27,000 for first time after Powell signals rate cut

Discussion in 'Stock Market' started by The Purge, Jul 11, 2019 at 12:24 PM.

  1. The Purge
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    The Purge Gold Member

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    The Dow Jones Industrial Average topped 27,000 for the first time on Thursday as the top three equity benchmarks Opens a New Window. traded higher on Wall Street Opens a New Window. after Federal Reserve Opens a New Window. Chairman Jerome Powell Opens a New Window. signaled the central bank was still moving towards an interest rate cut due to trade uncertainties.

    Following several days of uneven trading activity over concerns that the Federal Reserve would withhold moving forward on the expected cuts, investors were optimistic after Powell’s remarks that the central bank’s outlook for the U.S. economy is weighed down by trade tensions.

    Many Federal Open Markets Committee participants “saw that the case for a somewhat more accommodative monetary policy had strengthened," he said in prepared testimony for the House Financial Services Committee.

    Powell also said a strong June jobs report did not change the central bank's economic outlook or policy on interest rates. He is scheduled to testify in front of a Senate panel on Thursday.

    In economic news, initial claims for state unemployment benefits declined 13,000 to a seasonally adjusted 209,000 for the week ended July 6, the lowest level since April, the Labor Department said.

    Shares of technology companies will be active after the French government on Thursday approved a new tax on those firms amid a probe into the measure by the U.S. government. The 3 percent tax on companies with roughly $845 million in global revenue and $281 million in digital sales in France will take effect retroactively to the start of 2019.

    (Excerpt) Read more at foxbusiness.com ...

    Just remember a year and a half AFTER the Surrender Monkey was kicked out of office...HE DONE DID THIS...ROTFLMFAO!!!!
     
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  2. theHawk
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    theHawk Registered Conservative

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    This is the MAGA economy.

    You’re welcome.
     
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  3. captkaos
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    captkaos VIP Member

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    I read a thread on here a few months back a Snowflake Trump hater stated The Dow would be at 23,000 before it ever got to 27,000 and Trump was ruining the World, Blah, Blah, Blah. I think he owes someone an apology. Where you at Moon Bat? Anyone else remember that thread? :fu:
     
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  4. Indeependent
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    Indeependent Platinum Member

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    Yes.
    Liberal Klown Klonz.
     
  5. Leo123
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    Leo123 Gold Member

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    That damn Trump! There he goes again keeping his promises!! How's a Democrat Neo-Marxist supposed to get elected?
     
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  6. harmonica
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    harmonica Gold Member

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    MAGA
    hahahahahhahahaha
     
  7. I c h i g o
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    I c h i g o VIP Member

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  8. The Purge
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    The Purge Gold Member

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    Stocks rose to all-time highs on Friday as investors looked to end a record-setting week on a high note after testimony from the top Federal Reserve official signaled that a rate cut was coming.

    The Dow Jones Industrial Average jumped 200 points. The S&P 500 traded 0.3% higher and was on pace to close above 3,000 for the first time ever. The Nasdaq Composite advanced 0.5% to a record high.

    Shares of Dow, Inc. led the Dow Industrials higher, rising nearly 4%. Intel and Caterpillar, meanwhile, climbed 2.3% and 2.4%, respectively. J.B. Hunt Transport Services was the best-performing stock in the S&P 500, jumping 6.2%, and leading a 1.5% gain in the industrials sector.

    (Excerpt) Read more at cnbc.com ...
     

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