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Thu Jul 11, 2019, 12:33 PM

The Dow Tops 27,000 for The First Time After the Fed Signals a Rate Cut Is Coming

Jul. 11, 2019, 10:57 AM

Stocks jumped to fresh intraday highs on Thursday, the morning after the Federal Reserve signaled that the US central bank would soon step in to keep the economy humming.

The Dow Jones Industrial Average briefly topped 27,000 for the first time, a day after stocks hit intraday and closing highs.

That was even as government data showed a key measure of core inflation came in at its fastest pace in nearly a year and a half in June.

Stocks jumped to fresh intraday highs on Thursday, the morning after the Federal Reserve signaled the central bank would soon step in to keep the economy humming, with Wall Street betting that lower borrowing costs were all but certain at the end of the month.

Fed Chairman Jay Powell signaled in prepared congressional testimony on Wednesday that officials would slash interest rates on July 31, sending stocks to new intraday and closing highs. That optimism continued into Thursday, with the Dow Jones Industrial Average briefly topping 27,000 for the first time.
Here's a look at the numbers as of 10:30 a.m. ET:

"It appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said in testimony before the House Financial Services Committee on Wednesday, adding that the central bank would take actions to sustain the decade-long expansion.

His comments and minutes from the policy-setting Federal Open Market Committee on Wednesday reassured investors whose hopes for an aggressive adjustment fell after last week's release of the June jobs report, which showed that hiring rebounded by more than expected. The central bank has dimmed its outlook this year on the back of slowing growth, below-target inflation, and trade tensions.

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https://markets.businessinsider.com/news/stocks/stock-market-news-stocks-record-highs-interest-rate-cut-hopes-2019-7-1028346610

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Reply The Dow Tops 27,000 for The First Time After the Fed Signals a Rate Cut Is Coming (Original post)
RCW2014 Jul 11 OP
quad489 Jul 11 #1

Response to RCW2014 (Original post)

Thu Jul 11, 2019, 12:40 PM

1. Cutting rates while economy is growing...where do they get those morons from???

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