S&P 500 breaks 3,000 for the first time EVER after Fed chairman signals possible interest rate cut

Mail Online | 7/10/2019 | Keith Griffith For Dailymail.com;Reuters;Associated Press
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The benchmark S&P 500 briefly crossed the 3,000-point mark for the first time on Wednesday, as the Federal Reserve chairman hinted at a sharp interest rate cut later this month.

Fed Chairman Jerome Powell said Wednesday in Congressional testimony that many Fed officials believe a weakening global economy and rising trade tensions have strengthened the case for a rate cut.

Nasdaq - Dow - Jones - Industrials - Highs

The Nasdaq and the Dow Jones Industrials also hit all-time highs after Powell said the central bank stands ready to 'act as appropriate' to support record U.S. economic growth.

In wide-ranging remarks during the Fed's semi-annual monetary report to Congress, Powell was also the attacks President Donald Trump has leveled against the Federal Reserve.

Trump - Fed - Interest - Rates - Term

Trump has repeatedly criticized the Fed for raising interest rates during his term, after keeping them near zero for the eight years of Obama's presidency.

Rep. Maxine Waters, chair of the Financial Services Committee, said she wanted to begin the hearing by addressing 'the elephant in the room.'

President - Understanding - Respect - Independence - Federal

'This president has made it clear that he has no understanding or respect for the independence of the Federal Reserve,' Waters says.

Asked by Waters what he would do if Trump said he wanted to fire him, Powell said that he intends to serve his full four-year term.

Remarks - Powell - Facebook - Currency - Libra

In separate remarks, Powell also said that Facebook's new digital currency, Libra, 'raises many serious concerns' and will be closely monitored by U.S. and overseas regulators.

Powell says that Libra could be used for money laundering and terrorist financing, and could also threaten financial stability given that Facebook's huge user base may result in Libra's wide adoption.

Stocks - Bond - Yields - Powell - Bank

Stocks rose and bond yields fell after Powell indicated that the central bank is ready to cut interest rates for the first time in a decade to help shore up the economy.

Gains of near 1 percent each in...
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