Stock market today: US stocks hold near records as Powell buoys rate-cut hopes
What did Jerome Powell's remarks indicate about interest rates?
Jerome Powell's remarks indicated that the stage is almost set for lowering interest rates from two-decade highs, pointing to a cooling in inflation and in the jobs market. He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors.
How did the S&P 500 perform after Powell's comments?
The S&P 500 edged up about 0.1% and marked a sixth consecutive win after Federal Reserve Chairman Jerome Powell signaled policymakers are moving closer to rate cuts, although they still want reassurance that inflation is moving sustainably lower5.
What factor contributed to the Dow Jones' morning performance?
The Dow Jones Industrial Average had a sluggish start to the morning due to mixed market sentiments and investors awaiting further cues from Federal Reserve Chairman Jerome Powell's congressional testimony. However, it later jumped 0.4% as Powell's remarks buoyed rate-cut hopes.