Editor’s note: Tariffs are not killing the economy as claimed by the Very Smart People who brought us fake free trade. Tariffs are pro-growth, need to be expanded, and followed by fixing the overvalued, noncompetitive dollar exchange rate.
U.S. stocks traded higher on Wednesday ahead of Federal Reserve Chairman Jerome Powell’s appearance on Capitol Hill.
[Ken Martin | July 10, 2019 | Fox Business]
Stocks jumped after Powell signaled a rate cut is possible, noting “crosscurrents have reemerged, creating greater uncertainty” in the U.S. economy.
The Dow, S&P 500 and Nasdaq all hit new intraday highs. The S&P crossed the 3,000 threshold for the first time.
The Nasdaq Composite needs to finish up more than 28.50 points for a record close.
Learn how to find your starting point for your “in case of emergency” savings
Powell’s comment came in prepared remarks.
His testimony is underway with full coverage on FOXBusiness.com.
Oil prices jumped 3 percent on Wednesday after a reduction in U.S. crude inventories was more than expected and as major producers evacuated rigs in the Gulf of Mexico ahead of an expected storm.
Shares of Levi Strauss & Co fell after the company reported that sales growthwould slow in the second half of the year due to weakness in its wholesale business.
In Asian markets on Wednesday, China’s Shanghai Composite ended 0.4 percent lower after Chinese producer price inflation came in flat, raising concerns about domestic growth. Hong Kong’s Hang Seng added 0.3 percent and Japan’s Nikkei was off 0.2 percent.
In Europe, London’s FTSE added 0.1 percent, Germany’s DAX was off 0.1 percent and France’s CAC added 0.4 percent.
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