Wednesday, 08 July 2020
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S&P 500 and Dow open at new record highs Friday supported by prospect of Fed interest rate cuts

U.S. stocks opened at new record highs Friday helped by Federal Reserve Chairman Jerome Powell's testimony to Congress this week which bolstered investor expectations for an interest-rate cut at the end of the month.

The Dow Jones Industrial Average was up 70 points at 27,156 while the S&P 500 gained 4.30 points to 3,004 and Nasdaq was 16 points higher at 8,212.

On Thursday the Dow closed 27,000 for the first time and the S&P 500 also pushed up further record territory. The Nasdaq Composite scored a record close on Wednesday.

Meanwhile, weak data overnight from both Singapore and China sent another warning shot to the world economy on the impact of trade tensions. An unexpected rise in American producer prices for June reported early Friday did little to alter investor sentiment toward the Federal Reserve's next policy move.

Source : MarketWatch

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