Stocks Rise After Fed Chairman's Testimony

By Jon Sindreu and Jon Sindreu The Wall Street Journal Biography Allison Prang Allison Prang The Wall Street Journal Biography Updated July 17, 2018 5:29 p.m. ET 1 COMMENTS

U.S. stocks rose Tuesday following Federal Reserve Chairman Jerome Powell’s Senate testimony, while investors also continued dissecting the latest round of corporate earnings results.

The Dow Jones Industrial Average added 55.53 points, or 0.2%, to 25119.89. The S&P 500 rose 11.12 points, or 0.4%, to 2809.55, and the technology-focused Nasdaq Composite climbed 49.40 points, or 0.6%, to 7855.12.

Mr. Powell told Congress that strong economic growth and stable inflation should keep the central bank on track to gradually raise short-term interest rates.

He added he wants inflation to stay around 2% and that the economy is “just shy” of hitting that point. He also touched on trade tensions, saying he thought countries that are open to trade have grown more quickly and commented on the new tax law, saying it was too early to see its impact.

Mr. Powell’s remarks were made before the Senate Banking Committee as part of his semiannual monetary policy report. Derivatives markets were pricing in a 62% chance that rates will rise at least twice more this year, according to data by CME Group.

Fed Chairman Jerome Powell arriving to testify before the Senate Banking Committee Tuesday. Photo: Jose Luis Magana/Associated Press

Quincy Krosby, chief market strategist for Prudential Financial, said Mr. Powell’s comments demonstrated the Fed is following

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China Stock Market May Halt Its Slide On Wednesday

The China stock market has finished lower in three straight sessions, sliding almost 40 points or 1.4 percent along the way. The Shanghai Composite Index now rests just beneath the 2,800-point plateau although it may stage a recovery on Wednesday.

The global forecast for the Asian markets is upbeat after FOMC Chairman Jerome Powell’s semiannual monetary policy testimony had few surprises. The European and U.S. markets were up and the Asian markets figure to follow suit.

The SCI finished modestly lower on Tuesday following losses from the financial shares and the oil and insurance companies.

For the day, the index retreated 15.91 points or 0.57 percent to finish at 2,798.13 after trading between 2,774.76 and 2,806.92. The Shenzhen Composite Index dipped 2.76 points or 0.17 percent to end at 1,600.08.

Among the actives, China Construction Bank skidded 2.15 percent, while Bank of China shed 0.57 percent, China Merchants Bank tumbled 1.17 percent, China Life eased 0.13 percent, China Petroleum and Chemical (Sinopec) dropped 2.05 percent, PetroChina plunged 2.54 percent, China Shenhua Energy dropped 1.92 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is positive as stocks moved higher on Tuesday as the NASDAQ set a new record closing high and the S&P 500 hit its best closing level in over five months.

The Dow rose 55.53 points or 0.22 percent to 25,119.89, the NASDAQ advanced 49.40 points or 0.63 percent to 7,855.12 and the S&P 500 added 11.12 points or 0.40 percent to 2,809.55.

The strength on Wall Street came after Fed Chair Powell said the U.S. economy has grown at a solid pace this year and noted the latest data suggests economic growth in the second quarter was “considerably stronger” than in Q1.

With the strong job market, inflation close to the

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Renewed Support Tipped For Hong Kong Stock Market

The Hong Kong stock market on Tuesday wrote a finish to the three-day winning streak in which it had climbed more than 225 points or 0.8 percent. The Hang Seng Index now rests just above the 28,180-point plateau although it may bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat after FOMC Chairman Jerome Powell’s semiannual monetary policy testimony had few surprises. The European and U.S. markets were up and the Asian markets figure to follow suit.

The Hang Seng finished sharply lower on Tuesday following losses from the financials, properties, casinos and oil and insurance stocks.

For the day, the index tumbled 357.98 points or 1.25 percent to finish at 28,181.68.

Among the actives, CSPC Pharmaceuticals plummeted 3.75 percent, while China Mengniu Dairy plunged 3.55 percent, CNOOC tumbled 3.38 percent, WH Group skidded 3.33 percent, Sands China dropped 3.23 percent, Galaxy Entertainment retreated 1.78 percent, Industrial and Commercial Bank of China declined 1.61 percent, China Life shed 1.21 percent, New World Development lost 0.92 percent, Hong Kong & China Gas advanced 0.91 percent, Ping An Insurance fell 0.71 percent and China Petroleum and Chemical (Sinopec) eased 0.42 percent.

The lead from Wall Street is positive as stocks moved higher on Tuesday as the NASDAQ set a new record closing high and the S&P 500 hit its best closing level in over five months.

The Dow rose 55.53 points or 0.22 percent to 25,119.89, the NASDAQ advanced 49.40 points or 0.63 percent to 7,855.12 and the S&P 500 added 11.12 points or 0.40 percent to 2,809.55.

The strength on Wall Street came after Fed Chair Powell said the U.S. economy has grown at a solid pace this year and noted the latest data suggests economic growth in the second quarter was “considerably stronger” than in

Read More Here...

Taiwan Stock Market May Find Traction On Wednesday

The Taiwan stock market has ended lower in two straight sessions, giving away more than 85 points or 0.8 percent in that span. The Taiwan Stock Exchange now rests just beneath the 10,780-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat after FOMC Chairman Jerome Powell’s semiannual monetary policy testimony had few surprises. The European and U.S. markets were up and the Asian markets figure to follow suit.

The TSE finished modestly lower on Tuesday as losses from the technology stocks were mitigated by support from the financial shares.

For the day, the index dropped 38.46 points or 0.36 percent to finish at 10,778.99 after trading between 10,758.83 and 10,818.84 on turnover of 133.72 billion Taiwan dollars.

Among the actives, Cathay Financial added 0.38 percent, while Mega Financial collected 0.56 percent, Largan Precision and Taiwan Semiconductor Manufacturing Company both shed 0.89 percent, while Hon Hai Precision added 0.12 percent, Innolux climbed 1.36 percent and AU Optronics was unchanged.

The lead from Wall Street is positive as stocks moved higher on Tuesday as the NASDAQ set a new record closing high and the S&P 500 hit its best closing level in over five months.

The Dow rose 55.53 points or 0.22 percent to 25,119.89, the NASDAQ advanced 49.40 points or 0.63 percent to 7,855.12 and the S&P 500 added 11.12 points or 0.40 percent to 2,809.55.

The strength on Wall Street came after Fed Chair Powell said the U.S. economy has grown at a solid pace this year and noted the latest data suggests economic growth in the second quarter was “considerably stronger” than in Q1.

With the strong job market, inflation close to the objective, and the risks to the outlook balanced, Powell reiterated that the Fed believes gradually raising

Read More Here...

United Arab Emirates : CNBC and Nasdaq Dubai announce opening of new studio to expand Middle East coverage

United Arab Emirates : CNBC and Nasdaq Dubai announce opening of new studio to expand Middle East coverage

Jul 17, 2018 (Euclid Infotech Ltd via COMTEX) —

CNBC, the world’s number one business and financial news network, announced the expansion of its Middle East operations with a new studio set to open in October at Nasdaq Dubai.

The network will use the new base at MarketSite, part of Nasdaq Dubais new offices in the Dubai International Financial Centre (DIFC), to further enhance its editorial presence across the region. With MarketSite at the heart of Dubais financial hub, CNBC will speak to the business and government leaders helping shape the regions economic future. MarketSite will host a range of thought leadership and capital markets activities.

Hamed Ali, Chief Executive of Nasdaq Dubai, said: Hosting CNBC at our MarketSite studio is an important step forward in Nasdaq Dubais mission to promote understanding and thought leadership in capital markets and business, among market participants as well as the general public. As Nasdaq Dubais own markets as well as others grow in size and sophistication, accurate information and insight are critical to successful investing, business decision-making and the regions links with other areas of the world.

KC Sullivan, President and Managing Director of CNBC International, said: Nasdaq Dubai is at the epicentre of Dubais business community making it the ideal location to deepen our focus on telling the regional business story to our global audience. This new studio will quickly become an integral part of our daily business news programming around the world.

CNBC currently broadcasts its morning show Capital Connection, fronted by its Anchor Hadley Gamble, from its headquarters at Abu Dhabi Global Market. The networks new Dubai studio will work in concert with programming across Abu Dhabi, Singapore and London

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Dollar firms after Fed chair's upbeat remarks, global stocks gain

NEW YORK (Reuters) – The U.S. dollar rose on Tuesday against a basket of major currencies following an upbeat economic assessment from the head of the U.S. Federal Reserve, while world stocks climbed as a heavy week of corporate earnings also kicked into gear.

Wall Street’s main indexes erased losses from the start of the session to end solidly positive. The U.S. two-year Treasury yield rose to its highest level in nearly a decade, with the yield curve at its flattest in nearly 11 years.

In testimony, Fed Chairman Jerome Powell said he sees the United States on track for years more of steady growth.

“He reiterated the view of the economy as being strong, growing at a solid pace with recent inflation data as more or less encouraging,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York.

Powell was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses.

Concerns over a global trade dispute have roiled markets over the past few months. But in written testimony to the Senate Banking Committee and in his response to questions about a possible “trade war,” Powell largely discounted the risks.

“He basically completely dismissed any concerns about a trade tariff war,” said Boris Schlossberg, director of FX strategy at BK Asset Management in New York.

The Dow Jones Industrial Average rose 55.53 points, or 0.22 percent, to 25,119.89, the S&P 500 gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 percent, to 7,855.12.

FILE PHOTO: Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. REUTERS/Brendan McDermid/File Photo

As a busy week of corporate earnings began, Netflix

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Dollar firms after Fed chair's upbeat remarks, global stocks gain

NEW YORK (Reuters) – The U.S. dollar rose on Tuesday against a basket of major currencies following an upbeat economic assessment from the head of the U.S. Federal Reserve, while world stocks climbed as a heavy week of corporate earnings also kicked into gear.

Wall Street’s main indexes erased losses from the start of the session to end solidly positive. The U.S. two-year Treasury yield rose to its highest level in nearly a decade, with the yield curve at its flattest in nearly 11 years.

In testimony, Fed Chairman Jerome Powell said he sees the United States on track for years more of steady growth.

“He reiterated the view of the economy as being strong, growing at a solid pace with recent inflation data as more or less encouraging,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York.

Powell was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses.

Concerns over a global trade dispute have roiled markets over the past few months. But in written testimony to the Senate Banking Committee and in his response to questions about a possible “trade war,” Powell largely discounted the risks.

“He basically completely dismissed any concerns about a trade tariff war,” said Boris Schlossberg, director of FX strategy at BK Asset Management in New York.

The Dow Jones Industrial Average rose 55.53 points, or 0.22 percent, to 25,119.89, the S&P 500 gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 percent, to 7,855.12.

FILE PHOTO: Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. REUTERS/Brendan McDermid/File Photo

As a busy week of corporate earnings began, Netflix

Read More Here...

Dollar firms after Fed chair's upbeat remarks, global stocks gain

NEW YORK (Reuters) – The U.S. dollar rose on Tuesday against a basket of major currencies following an upbeat economic assessment from the head of the U.S. Federal Reserve, while world stocks climbed as a heavy week of corporate earnings also kicked into gear.

Wall Street’s main indexes erased losses from the start of the session to end solidly positive. The U.S. two-year Treasury yield rose to its highest level in nearly a decade, with the yield curve at its flattest in nearly 11 years.

In testimony, Fed Chairman Jerome Powell said he sees the United States on track for years more of steady growth.

“He reiterated the view of the economy as being strong, growing at a solid pace with recent inflation data as more or less encouraging,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York.

Powell was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses.

Concerns over a global trade dispute have roiled markets over the past few months. But in written testimony to the Senate Banking Committee and in his response to questions about a possible “trade war,” Powell largely discounted the risks.

“He basically completely dismissed any concerns about a trade tariff war,” said Boris Schlossberg, director of FX strategy at BK Asset Management in New York.

The Dow Jones Industrial Average rose 55.53 points, or 0.22 percent, to 25,119.89, the S&P 500 gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 percent, to 7,855.12.

FILE PHOTO: Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. REUTERS/Brendan McDermid/File Photo

As a busy week of corporate earnings began, Netflix

Read More Here...

Dollar firms after Fed chair's upbeat remarks, global stocks gain

NEW YORK (Reuters) – The U.S. dollar rose on Tuesday against a basket of major currencies following an upbeat economic assessment from the head of the U.S. Federal Reserve, while world stocks climbed as a heavy week of corporate earnings also kicked into gear.

Wall Street’s main indexes erased losses from the start of the session to end solidly positive. The U.S. two-year Treasury yield rose to its highest level in nearly a decade, with the yield curve at its flattest in nearly 11 years.

In testimony, Fed Chairman Jerome Powell said he sees the United States on track for years more of steady growth.

“He reiterated the view of the economy as being strong, growing at a solid pace with recent inflation data as more or less encouraging,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York.

Powell was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses.

Concerns over a global trade dispute have roiled markets over the past few months. But in written testimony to the Senate Banking Committee and in his response to questions about a possible “trade war,” Powell largely discounted the risks.

“He basically completely dismissed any concerns about a trade tariff war,” said Boris Schlossberg, director of FX strategy at BK Asset Management in New York.

The Dow Jones Industrial Average rose 55.53 points, or 0.22 percent, to 25,119.89, the S&P 500 gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 percent, to 7,855.12.

FILE PHOTO: Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. REUTERS/Brendan McDermid/File Photo

As a busy week of corporate earnings began, Netflix

Read More Here...

Week in pictures (July 8 – July 15)

Updated 1 hour ago

NEW YORK — U.S. stocks rallied Tuesday as retailers, technology and household goods companies all made solid gains and helped the market shake off a weak start. Netflix slumped after investors were disappointed with the streaming video company’s subscriber growth.

Stocks skidded at the start of trading as investors sold some of their recent favorites including Facebook and Apple. But those stocks later recovered and Netflix narrowed its losses. Technology companies also turned higher and strong results from Johnson & Johnson pulled health care stocks upward.

Federal Reserve Chairman Jerome Powell delivered a positive view of the economy as he told Congress that he expects the Fed to keep gradually raising interest rates. Powell said the Fed believes the economy will stay strong and inflation will remain at around 2 percent for the next few years. Stocks have fallen previous times that Powell gave major addresses, but they didn’t do so on Tuesday.

Investors focused on company earnings, which aside from Netflix were mostly good. Financial services company Charles Schwab and regional bank Comerica both rose.

“Double-digit earnings growth for this quarter and this full calendar year remains on track, and a 10 percent gain in earnings next year is also still doable,” said Sam Stovall, chief investment strategist for CFRA.

While investors have been buying U.S. stocks and selling foreign indexes this year, Stovall said earnings growth for companies in overseas markets will probably improve in 2019 while U.S. profit growth slows down. That could make non-U.S. markets more appealing.

The S&P 500 index rose 11.12 points, or 0.4 percent, to 2,809.55 after it dropped 9 points at the start of trading. The Dow Jones Industrial Average gained 55.53 points, or 0.2 percent, to 25,119.89. The Nasdaq composite jumped 49.40 points, or 0.6 percent, to

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