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The S&P 500 surges above 3,000, stocks hit record highs after the Fed reaffirms a rate cut is coming

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Powell's comments reassured investors whose hopes for an adjustment fell after the jobs report out last week showed that hiring rebounded in June.

Stocks hit fresh intraday highs in early trading on Wednesday as remarks by the Federal Reserve Chairman Jay Powell bolstered Wall Street's expectations for lower interest rates at the end of the month. "Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty," Powell said in prepared congressional testimony.

Stocks hit fresh intraday highs in early trading on Wednesday as remarks by the Federal Reserve Chairman Jay Powell bolstered Wall Street's expectations for lower interest rates at the end of the month. "Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty," Powell said in prepared congressional testimony.

 

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