Wall Street hits record high, as Fed’s Powell bellyflops dove

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Wall Street hits record high, as Fed’s Powell bellyflops dove

On Wednesday, the 10th of July 2019, all three key indexes of Wall Streets reached record highs after Fed Chair Jerome Powell had reinforced his dovish stance on economic outlook, addressing concerns over global growth and Sino-US trade spat despite a five-month-high US employment figures last June.

Aside from that, during morning US trading hours, the benchmark Standard and Poor 500 had briefly crossed the 3,000 marks for the first time in history, while Nasdaq had been well-poised to chase down 8,000 levels. Besides, the Dow Jones Industrial Average had also breached its all-time-highs on Wednesday (July 10th) following Powell downbeat stance on US economy, which eventually had added to a bullish bias for financial markets across the world.

Addressing that US Fed might have headed towards an insurance interest cut at July 30th-31st FOMC minutes, a head of product at Direxion Investments in New York, David Mazza said, “Just in case things do deteriorate worse or the trade war heats up again, let’s pull back the hike we did in December and then begin another wait-and-see approach”.

Quoting statistics, during late-midday US trading hours, trade-sensitive S&P 500 was trading 0.28 percent higher at 2,987.87 after breaching 3,000 marks for the first time in its history as beforementioned, while Dow added 0.23 percent to 26,843.78 and Nasdaq rose 0.38 percent to 8,172.44.

Meanwhile energy and technologies had been the most upbeat sectors on Wednesday’s (July 10th) market with gains of 0.77 percent and 0.62 percent respectively, as crude oil futures rallied again on declined US oil inventories and USTR (United States Trade Representative) had been set to curb sanctions on blacklisted Huawei Technologies.