SPECIAL NOTE: Remember, the July episode of the Zacks Ultimate Strategy Session is now available for viewing! Don’t miss your chance to hear:
• Sheraz Mian and Neena Mishra, CFA, FRM, Agree to Disagree on whether you should stay away from Emerging Market Stocks
• Kevin Matras answers questions covering the Zacks Rank, specifically why it works, in Zacks Mailbag
• Kevin Cook and Neena choose one portfolio to give feedback for improvement
• Market conditions from both fundamental and technical views
• The full list of top-performing stocks over the past 30 days
• New stocks added to the ZU portfolio
• And much more
Simply log on to Zacks.com and view the July episode here. And please let us know what you think of these monthly episodes. Email all feedback to [email protected]
The market got what it wanted from Fed Chair Jerome Powell this morning, sending the major indices to new intraday highs before moderating a bit by the close.
In his testimony to the House Financial Services Committee, Mr. Powell basically stated that the economy was doing reasonably well, but “crosscurrents” are adding to uncertainty.
Trade issues and slowing growth are among the challenges facing the economy.
In other words, a rate cut later this month seems like a great idea to keep the good times going!
The rally pushed the S&P past 3,000 for the first time in its history, but then stocks pulled back the reins a bit before getting too far ahead of itself.
The uptrend was still enough for the NASDAQ to close at a record high, gaining 0.75% (or more than 60 points) to 8202.53.
In addition to the news on rates, it was also another solid session for the FAANGs. Facebook (NASDAQ:) rose 1.77%, while Amazon (NASDAQ:), Google (NASDAQ:) and Apple (NASDAQ:) also increased by 1% or more.
The S&P may have crossed over