Stock market today: US stocks hold near records as Powell buoys rate-cut hopes

US stocks held near all-time highs on Wednesday as Jerome Powell's remarks to the Senate buoyed rate-cut hopes, with the Federal Reserve chair set to return to Congress for another day of testimony. The S&P 500 rose roughly 0.2%, coming off a 36th record close for the benchmark. The Dow Jones Industrial Average hugged the flatline, while the tech-heavy Nasdaq Composite edged about 0.4% higher.

He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors. The focus is now on Powell's appearance in the House on Wednesday for part two of his semiannual policy update. Investors will be on the alert for clues as to whether bets that two rate reductions will come this year are well-placed. But a key test for stocks and rate-cut prospects still lies ahead in the crucial consumer inflation report due Thursday.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

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

Stock market today: US futures hold near records as Powell buoys rate-cut hopesJerome Powell steps up for part 2 of his policy update to Congress, with investors on the alert for more clues to rate cut prospects.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street wavers following congressional testimony from PowellStocks closed mixed on Wall Street after testimony from Federal Reserve Chair Jerome Powell in front of Congress provided little new guidance on the Fed’s plans on when it might lower interest rates.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street opens mixed ahead of congressional testimony from PowellNEW YORK (AP) — Stocks are opening mixed on Wall Street ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. The S&P 500 was up 0.2% in the first few minutes of trading Tuesday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: S&P 500 set to build on record high with Powell on deckJerome Powell will shed light on the Fed's picture of the economy as he gives a policy update to the Senate.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »