The Dow Jones today will see more gains after Federal Reserve Chair Jerome Powell suggested the U.S. central bank will cut interest rates during its July meeting. Details further down.
Plus: Find out the president’s feelings on Bitcoin.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 27,088.08 +227.88 +0.85 S&P 500 2,999.91 +6.84 +0.23 Nasdaq 8,196.04 -6.49 -0.08
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Friday Investors are excited to hear Federal Reserve Chair Jerome Powell tell the U.S. Senate Banking Committee that the central bank can accommodate the U.S. economy with another rate cut if necessary. Powell has faced pressure from U.S. President Donald Trump, who has argued that rate cuts will not drive significant inflation. Trump wants to slash borrowing costs in order to help expand the U.S. economy. Oil prices are pushing a six-month high as investors eye the ongoing storm along the Gulf Coast. WTI crude topped $60 per barrel and touched six-week highs as Storm Barry hit producers and refiners across the region. Producers in the Gulf of Mexico have cut 1 million barrels of daily crude oil production over the last few days. The tropical storm is expected to hit landfall by Saturday along the Louisiana coast. The pullback comes as global oil prices are pushing higher thanks to OPEC production cuts, tension in the Middle East, and declines in U.S. inventory levels. The price of Bitcoin hit $11,600 after President Trump said he wasn’t a fan of global cryptocurrencies. The statement comes after Fed Chair Jerome Powell testified his belief that Facebook Inc. (NASDAQ: FB) may need a banking license before