Capital hill testimony from fed chair Jerome Powell where hi alled a potential cut in Interest Rates later this month. Health care stocks also contributed to the rise. We willhy explainn a moment, but first the closing numbers for this thursday with the ge Industrial Ave gaining 227 points to 27,088. The nasdaq was down six, the s p addedix bob pisani has more on the recordsetting day. Reporter another day,ot r market milestone. Investors cheered comments from the Federal Reserve signaling that a rate cut is likely just ound the corner. The dow crossed about 27,000 for the first time today and the s p 500 movedust to the edge of 3,000,nt fraction of a poi below it. Close enough. What a difference five yearss. Ma the s p has moved 50 in less than five years from 2000 in august of 2014 to 3,000 essentially this week. The market today is different than it was in 2014. Investors have played favorites in a very big way, big tech and faang names dominate among the winns. Amazon and netflix u
Warranted in order to shore up Inflation Expectations and a couple participants james bullard, one of them, wanted to acut rates to allay concerns about inflation the minutes show officials felt the increase in uncertainty was a relatively recent phenomenon and there had been staff discussion about the sensitivity of markets to the trade fights with mexico and several officials felt they wanted to wait for more information on the trajectory of the economy before reaching a final conclusion. However, the minutes also show that the fed realizes that markets have baked in a rate cut relatively soon. The minutes state the reason Financial Conditions have remained supportive of growth is because they were premised on the expectation of easier Monetary Policy. Guys, back to you. Elon, medicatiothanks lets bring in Steve Liesman with reaction to what has been a very, very busy fed day and now the minutes on top of that. It fits together, kelly you had a fed chairman that all but guaranteed th
Weak in the session. Joining us is josh brown welcome back. Good to be here are you also in celebration mode after jay powell . Im also in celebration mode. We got all but a promise of a rate cut i think in july. Theyre going to do it. I said earlier, he foamed the runway for what ithink the market knew he was going to do the thing is, i dont think its necessary, but i also dont think its harmful a 25 basis point rate cut most likely, the best example of Something Like this, that i can think of from recent history is 1995 you had a new alltime high in the stock market the day they did the cut, but it was a single cut. And a lot of the reason for that, they had done a surprise rate hike in 1994, which kind of crushed the bond market, people were shocked i think what the 1995 single cut was about was taking some of the pressure off from that, maybe also like a mea culpa, we didnt need to do that that maybe thats what this is most like, and it would be likely we make a new stock market hi
Good evening, everyone. Welcome. Well, the stage is set and investors cheered. Federal reserve chair Jerome Powell bolstered the case for a possible Interest Rate cut when policymakers meet at the end of he suggested that lowering the benchmark rate would bolster growth and cited a number of uncertainties here and around the globe. Thatd lif optimism on wall street, sending the nasdaq to new highs and the s p 500 ble l briefly through the 3,000 mark before it pulled back. The downd jonestrial average rose 26 points to 26,860. Theasdaq was up 60 and the s p 500 gained 13. We have two reports tonight. Bob pisani is at the New York Stock Exchange, but we begin with Steve Liesman and the fed. Fed chairman Jerome Powell all but guaranteed thel fed w be cutting rates probably as soon a this month, from the testimony in the house today. While he said the u. S. Economy is in a good place he emphasized globalncertaint economic weakness and low inflation as the things guiding policy. Would it be
At the Capital Exchange event this morning making a ton of news. Closing the deal. Ibms 34 billion acquisition of red hat has closed both ceos will be with us in just a moment. As we said, pepsi beats the street, strong snack and beverage sales backs the 2019 forecast Hugh Johnston will join us straight ahead. Futures lower ahead of tomorrows capitol hill testimony by fed chair powell. Moments ago at the Capital Exchange event in washington, larry kudlow offered his views on the fed to our kelly evans. Take a listen. Price signals suggest as they have all year going back to last autumn that last policy move in december was unnecessary and i think they could take it back. Price level stability, steady dollar, is what the fed should aim for in my view among the things he said, defended a rate cut this month, said no effort to remove powell at the president time. Mnuchin, lighthizer may go to china. Larry is the happy warrior in this era everything he said made me feel better, made the ma