The benchmark S&P 500 closed higher on Wednesday after briefly crossing the 3,000-point mark for the first time following dovish remarks from Federal Reserve Chairman Jerome Powell boosting the case for an interest rate cut this month.
Oil prices rose 4.5% a barrel on Wednesday to their highest level in more than a month after U.S. crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.
A broad index of world stock markets edged higher on Wednesday while the U.S. dollar fell as comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut from the U.S. central bank this month.
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.
The S&P 500, the benchmark index that investors tend to rely on as a proxy for the U.S. stock market, topped 3,000 for the first time on Wednesday.
Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first U.S. interest rate cut in a decade later this month, pledging to “act as appropriate” to defend an economic expansion threatened by trade disputes and a global slowdown.
U.S. oil producers on Wednesday cut nearly a third of offshore Gulf of Mexico crude output as what could be one of the first major storms of the Atlantic hurricane season threatened production.
The benchmark S&P 500 briefly crossed the 3,000-point mark for the first time on Wednesday after dovish remarks from Federal Reserve Chairman Jerome Powell boosted the case for an interest rate cut later this month.
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns were addressed, piling further pressure on the controversial project.
Many U.S. Federal Reserve officials at their last meeting thought more stimulus would be needed soon if risks to the U.S. economy did not let up, and several others leaned in that direction, records from the meeting showed.
Oil prices gained $2 a barrel on Wednesday after U.S. crude inventories shrank more than expected and as major producers evacuated rigs in the Gulf of Mexico ahead of an expected storm.
The benchmark S&P 500 briefly crossed the 3,000 points mark for the first time on Wednesday after dovish remarks from Federal Reserve Chairman Jerome Powell bolstered the case for an interest rate cut later this month.
Severe U.S. weather likely dented earnings for large grain companies including Archer Daniels Midland Co and Bunge Ltd for a second straight quarter, adding to headwinds from a still-unresolved U.S.-China trade war, analysts and economists said.
Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first U.S. interest rate cut in a decade later this month, pledging to ‘act as appropriate’ to defend an economic expansion threatened by trade disputes and a global slowdown.
Federal Reserve Chairman Jerome Powell came to Capitol Hill on Wednesday with two goals: cementing the case for an interest rate cut at the end of this month, and bolstering his own Congressional wall of protection against a president who has made a daily habit of Fed bashing unseen since the 1970s.
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