Stocks approach record as Fed soothes Wall Street's fears

- The S&P 500 approached a record high on Wednesday after the Federal Reserve signaled potential interest cuts later this year, reassuring investors worried that the U.S.-China trade war could stall economic growth.

That elevated the S&P 500 and Dow Jones Industrial average to less than 1% from their record high closes set in late April. “At the end of the day what they want to do is give a nod to the market. Expectations had gotten so dovish that they need to give a nod to that, but at the same time not make any commitment and be forced to cut rates later on if conditions perhaps changed,” said Kristina Hooper, Chief Global Market Strategist at Invesco in New York.

The Dow Jones Industrial Average rose 0.15% to end at 26,504.27 points, while the S&P 500 gained 0.30% to 2,926.44.Contributing more than any other stock to advances on the Nasdaq and S&P 500, Adobe Inc surged 5.2% after the Photoshop software provider beat analysts’ estimates for quarterly profit and revenue.

Allergan jumped 6.2% after the drugmaker said its constipation drug, jointly developed with Ironwood Pharmaceuticals Inc, improved symptoms in patients suffering from irritable bowel syndrome with constipation.Advancing issues outnumbered declining ones on the NYSE by a 1.65-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers.

Mary Thomas’s approaches seems spiteful amongst their own resolves

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks look set to drift up near records as investors await crucial Fed decisionStock-index futures were mired in muted action Wednesday as investors awaited a key decision by the Federal Reserve that could determine whether Wall Street is likely to get a highly anticipated rate cut, or cuts, this year. draghi set up the bases loaded, Powell just needs to release the dovish statement for new ATHs and the grand slam. $SPY $SPX $QQQ $IWM
Source: MarketWatch - 🏆 3. / 97 Read more »

One group of stocks has been a surefire winner when the Fed cuts interest ratesInvestors bracing themselves for lower Federal Reserve rates should think about loading up on health care stocks, history shows.
Source: CNBC - 🏆 12. / 72 Read more »

Global stocks gain, dollar weakens after Fed signals possible rate cutsWorld stocks held near two-week highs as investors bet on a wave of central bank stimulus Thanks Trump! thanks realDonaldTrump PromisesMadePromisesKept
Source: Reuters - 🏆 2. / 97 Read more »