The Dow Jones industrial inventory index was in report territory above 27,000 factors Thursday, as U.S. Federal Reserve chair Jerome Powell reiterated the central financial institution is ready to chop rates of interest to help the economic system.
In testimony earlier than the Senate banking committee on Thursday, Powell pointed to the U.S.-China commerce struggle and indicators of a worldwide slowdown as causes the Fed may need to chop charges on the finish of July.
The Dow remained up 180 factors to 27,040 in late afternoon, heading for a report shut, primarily on the energy of tech shares.
The broader Customary & Poor additionally flirted with report territory above 3,000, earlier than falling again to 2994, little modified from Wednesday.
The tech-heavy Nasdaq was down 14 factors late within the day after sinking from close to its technical excessive. Inventory indexes around the globe rose Wednesday on Powell’s remarks to the Home of Representatives, hinting at decrease charges, and he repeated the message Thursday.
Shares had been briefly knocked decrease by a tweet from U.S. President Donald Trump, accusing China of “letting us down” by not…