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Stocks jumped after Powell signaled a rate cut is possible, noting “crosscurrents have reemerged, creating greater uncertainty” in the U.S. economy.
The Dow, S&P 500 and Nasdaq all hit new intraday highs. The S&P crossed the 3,000 theshold for the first time.
The Nasdaq Composite needs to finish up more than 28.50 points for a record close.
Powell’s comment came in prepared remarks.
His testimony begins at 10 a.m. ET, with full coverage on FOXBusiness.com.
|I:DJI||DOW JONES AVERAGES||26944.55||+161.06||+0.60%|
|I:COMP||NASDAQ COMPOSITE INDEX||8226.325203||+84.60||+1.04%|
|LEVI||LEVI STRAUSS & CO.||21.02||-2.64||-11.16%|
In Asian markets on Wednesday, China’s Shanghai Composite ended 0.4 percent lower after Chinese producer price inflation came in flat, raising concerns about domestic growth. Hong Kong’s Hang Seng added 0.3 percent and Japan’s Nikkei was off 0.2 percent.
In Europe, London’s FTSE added 0.1 percent, Germany’s DAX was off 0.1 percent and France’s CAC added 0.4 percent.