Dow tops 27,000 for first time after Powell signals rate cut - 3 minutes read
The Dow Jones Industrial Average topped 27,000 for the first time on Thursday as the top three equity benchmarks Opens a New Window. traded higher on Wall Street Opens a New Window. after Federal Reserve Opens a New Window. Chairman Jerome Powell Opens a New Window. signaled the central bank was still moving towards an interest rate cut due to trade uncertainties.
Following several days of uneven trading activity over concerns that the Federal Reserve would withhold moving forward on the expected cuts, investors were optimistic after Powells remarks that the central banks outlook for the U.S. economy is weighed down by trade tensions.
Many Federal Open Markets Committee participants saw that the case for a somewhat more accommodative monetary policy had strengthened," he said in prepared testimony for the House Financial Services Committee.
Powell also said a strong June jobs report did not change the central bank's economic outlook or policy on interest rates. He is scheduled to testify in front of a Senate panel on Thursday.
In economic news, initial claims for state unemployment benefits declined 13,000 to a seasonally adjusted 209,000 for the week ended July 6, the lowest level since April, the Labor Department said.
Shares of technology companies will be active after the French government on Thursday approved a new tax on those firms amid a probe into the measure by the U.S. government. The 3 percent tax on companies with roughly $845 million in global revenue and $281 million in digital sales in France will take effect retroactively to the start of 2019.
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