Wall St. gains after Fed rate-cut, robust remarks by Fed’s Powell


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Wall St. gains after Fed rate-cut, robust remarks by Fed’s Powell

On Wednesday, the 30th of October 2019, all three key indexes of Wall Street gained further ground and benchmark S&P 500 index held strong following an all-time record closing high earlier this week, after US Federal Reserve had beckoned a possible pause in its unofficial series of rate-cut following a widely anticipated announcement of another rate-cut of a 25-basis point.

In point of fact, following Wednesday’s (October 30th) FOMC meeting, Fed slashed its benchmark interest rate by 25 basis percentage point, while in a post-FOMC press conference, Fed Chair Powell was quoted saying that US monetary policy had been in a good place to sustain a record decade-long US economic expansion by weathering a sharp global slowdown risk, which in effect had added a bullish wing to investors’ optimism.

Meanwhile, adding that Fed was unlikely to slash borrowing cost anytime soon, a partner at Cherry Lane Investments in New Vernon, New Jersey, Rick Meckler said on Wednesday’s (October 30th) market wind down, “The market wants to see slow steady progress in the expansion of the economy.

That’s the picture (Powell) painted. There isn’t a sense of panic in what (the Fed’s) doing. That’s encouraging for the market. ” Quoting statistics, on Wednesday’s (October 30th) Wall St. closure, Dow Jones Industrial Average gained 0.43 per cent to 27,186.69 and benchmark Standard & Poor 500 index rose 0.33 per cent to 3,046.77, while the tech-heavy Nasdaq Composite added 0.33 per cent to wind up Wednesday’s (October 30th) market at 8,303.98.