The head of the U.S. central bank struck a dovish tone in his congressional testimony
Stocks sailed to fresh highs today, as Wall Street cheered congressional testimony from Fed Chair Jerome Powell, which indicated the central bank could be ready to cut interest rates at its July meeting. In front of the House Financial Services Committee , Powell cited concerns over a slowing global economy -- a theme echoed in the Fed's June meeting minutes, which were released mid-afternoon. While the S&P marked its first-ever trek above 3,000 in intraday trading, the Dow and Nasdaq hit all-time peaks, with the latter settling at a record close.
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The Dow Jones Industrial Average (DJI - 26,860.20) tagged a record intraday high of 26,983.45, before closing up 76.7 points, or 0.3%. Nineteen Dow stocks advanced, led by a 1.7% pop for Chevron (CVX). Caterpillar (CAT) paced the 10 decliners with its 1.2% loss. 3M Company (MMM) finished flat.
The S&P 500 Index (SPX - 2,993.07) hit an all-time peak of 3,002.98, settling with a slimmer 13.4-point, or 0.5% gain. The Nasdaq Composite (IXIC - 8,202.53) closed up 60.8 points, or 0.8%, but not before peaking at 8,228.60.
The Cboe Volatility Index (VIX - 13.03) dropped 1 point, or 7.5%.
5 Items on our Radar Today
- Amazon.com (AMZN) announced it will launch a beauty line developed by Academy Award-winning musician and actress Lady Gaga. The brand will be called Haus Laboratories, and will be launched on AMZN in September. (MarketWatch)
- A U.S. Circuit Court of Appeals in Virginia said President Donald Trump did not violate emoluments clauses in the Constitution when accepting payments from state and foreign governments at his Washington hotel. The court ordered the case brought forward by the attorneys general of Washington D.C. and Maryland to be dismissed, and questioned "whether this action against the President is an appropriate use of the courts." (Reuters)
- This stock surged more than 200% today.
- Delta Air Lines bulls are betting on a repeat of earnings history.
- Comcast stock hit a new high after a major analyst upgrade.
Data courtesy of Trade-Alert
Oil Win Streak Hits 5 After Inventories Update
Oil prices jumped to a fifth straight win today, buoyed by a bigger-than-expected decline in U.S. crude inventories and potential tropical depression in the Gulf of Mexico. At the close, August-dated crude was up $2.60, or 4.5%, at $60.43 per barrel.
Gold prices got a lift on Powell's dovish testimony. Gold for August delivery settled the session up $12, or 0.9%, at $1,412.50 an ounce.