Fed Chair Powell’s testimony before the Senate went about the same as yesterday’s version before the House of Representatives. Simply put, there is no reason to believe that the Fed is not going to cut rates at the end of the month. Now, what happens after that might be up for debate, but it appears the Fed Chair is preparing the markets for the July cut.
Stocks continued to rally to new highs, but the results were somewhat mixed with the Dow, led by a few names such as Boeing, United Health, and Goldman Sachs, having a much better day than the S&P and the Nasdaq. By the close, the Dow Jones Industrial Average up 227 points to finish the day at 27,088. The S&P 500 was up 6 points to close at 2,999. Gold was down $3 to trade at $1,409 per ounce, while oil was down $.02 to trade at $60.41 per barrel WTI.
We’ll let you know how the week finishes out tomorrow.
Have a nice evening everyone.