All eyes and ears were on Fed Chair Powell’s testimony before the House Committee on Financial Services today and he seemed to deliver the message that the stock market wanted. Citing over and over again the uncertainties that exist in today’s economic environment, the Fed Chair basically guaranteed a rate cut in July.
As for stocks, for the day the Dow Jones Industrial Average was up 76 points to finish the day at 26,860. The S&P 500 was up 13 points to close at 2,993. Gold was up $18 to trade at $1,419 per ounce, while oil was up $2.46 to trade at $60.29 per barrel WTI.