New Record For NASDAQ As Rate Cut Seems Likely

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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

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