US: Stocks gain as Federal Reserve chief pivots on interest rates

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US: Stocks gain as FederalReserve chief pivots on interest rates

US stocks, already positive on somewhat more optimistic trade news, added to gains after Powell's comments. The Dow closed with a gain of 2.1 per cent.

"This is the Fed's acknowledgement of where the market has gotten and what could happen if we get into an elongated trade war with China," said Art Hogan, chief market strategist at National Securities.Earlier, European markets also pushed higher, with the DAX in Germany jumping 1.5 per cent. Analysts said the gains also reflected somewhat more favourable trade news, with a Chinese official supporting continued trade negotiations and congressional Republicans signaling significant opposition to the White House's plan to place tariffs on Mexican goods.

The world economy is now expected to expand by 2.6 per cent this year, three tenths of a percentage point lower than the January forecast, and well below the three percent growth seen in 2018, according to the Global Economic Prospects report.

 

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