1:10 p.m. Good things come in threes for the Dow Jones Industrial Average.
And the gains are the result of a trifecta of good news. First, there were reports that the U.S. is sending a delegation to China for trade talks next week. Then, the jobs report was strong enough to call into question the entire recession narrative. And finally, in comments made on a panel this morning, Fed Chairman Jerome Powell suggested he’s heard the market’s concerns and will be patient with monetary policy.
“Powell’s dovish comments are very positive for markets given the very strong payroll report,” writes Evercore ISI’s Dennis DeBusschere. “He specifically noted that financial markets are discounting a slowdown, so the Fed can be cautious despite payroll strength.”
And that’s more than enough good news for one day.
Write to Ben Levisohn at [email protected]