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S & P 500, Dow, Nasdaq on new intraday heights that turkey bank at Fed rate cut



US Stocks continued to climb higher Friday afternoon, pushing further in the record field, after the Federal Reserve mayor Jerome Powell for two days with Congress's testimony this week had strengthened investor expectations of a rate cut at the end of the month.

How do large references perform?

Dow Jones Industrial Average

DJIA, + 0.67%

rose 191 points, or 0.7% to 27.281, while S & P 500

SPX, + 0.31%

received 9 points, or 0.3% to 3.009. Nasdaq Composite Index

COMP, + 0.49%

was 40 points higher at 8.236, a gain of 0.48%.

These levels were fresh new intraday heights for each reference.

The Dow on Thursday rose 227.88 points, or 0.8% to 27.088.08, marking its first proximity over 27,000. The S & P 500 also pushed back to the record area, and ran 6.84 points, or 0.2%, eventually to 2,999.91. Nasdaq Composite, which scored a record close on Wednesday, withdrew and closed 6.49 points lower Thursday at 8,196.04, a loss of 0.1%.

Read: The Dow components that drove the blue chip stock index to 27,000

What drives the market?

Powell, Thursday's testimony to the Senate Banking Committee, said the US economy is in a "very good place" but had only partially recovered from a "confidschok" that suffered in May due to the US and China trade war . Powell's comments on Thursday, and his performance before a panel on Wednesday, were seen and confirmed by the expectations that the Fed will move on its 31st to 31st. July meeting to cut its math rate by at least one quarter and potentially deliver additional cuts before the turn of the year.

Powell's "downbeat tone when we reflect on economic prospects and inflation combined with his complete lack of desire to correct market expectations, despite the fact that a cut is 100% priced this month, investors gave exactly that they would, "said Craig Erlam, senior market analyst at Oanda, in a note.

Charles Evans, president of the Chicago Federal Reserve and turnout in the central bank's interest rate setting committee, echoed these feelings in a speech Friday when he said he was "nervous about inflation" saying that "a couple" of cuts might be needed to Help to lift inflation above 2%, according to Bloomberg.

See: An economy that's gone crazy? The Fed will cut interest rates despite record lows, low unemployment

Meanwhile, trade data from China showed that the country's exports fell last year, when external demand was softened, while imports showed an even greater decline. News reports also noted an increase in China's trade surplus with the US to $ 29.92 billion from $ 26.9 billion in May.

In the euro area, factory production rose sharply in May, which the economists said might be a sign. a long slowdown.

US .. wholesale prices rose 0.1 percent in June, against expectations of 0.1 percent decline, according to a MarketWatch survey by economists. Last year, wholesale prices rose 2.1% in June, down from 2.3% in May.

The US company revenue reporting season is in full swing next week, with a number of big banks set to shut down the fixtures.

See: Banks should shine among S & P 500 shares this income seaso n

What shares are in focus?

Stocks on Facebook Inc .

FB, + 0.43%

is in focus after President Trump criticized the company's scheduled virtual currency project, Libra, on Twitter Thursday night, saying the currency will have "little standing or reliability" and suggest The social media company would need to seek a bank charter to start a currency. Shares in the social media giant rose 0.36% Friday.

Snap Inc shares.

SNAP, + 0.53%

and Stitch Fix Inc .

SFIX, -0.71%

assembled after Goldman Sachs analyst Heath Terry upgraded both stocks from "neutral" to "buy". Snap shares rose 0.13% on Friday, while Stich Fix stock advanced 0.9%.

Illumina Inc .

ILMN, -16.12%

updated its second quarterly guide Thursday after the trip, saying that sales of $ 50 million are expected to be lower than previously anticipated and below analyte forecasts. Stocks in the genetics company went down 15.7% Friday.

Milacron Holdings Corp Stocks .

MCRN, + 25.50%

increased 26%, by the plastic manufacturer and Hillenbrand Inc .

-11.85%

announced that Hillenbrand would buy the company in a $ 2 billion cash and equity agreement, which valued Milacron at a 33.5% premium on Thursday's closing price.

Accenture PLC

ACN, + 0.44%

said late on Thursday that the board had named Julie Sweet the company's new CEO and that David Rowland, interim CEO, was appointed to the CEO Chairman. Stocks rose 0.32%

How do other markets trade?

Return on 10-year government bond

TMUBMUSD10Y, -1.44%

traded lower at 2.114%

In Asia, stocks closed higher on Wednesday, with China CSI 300

000300, + 0.62%

added 0.6%, Japanese Nikkei 225

NIK, + 0.20%

increasing 0.2% and Hong Kong's Hang Seng index

HSI, [0.145%] + 0.14%

ahead 0.1%. European shares were marginally higher, with the Stoxx Europe 600

SXXP, + 0.04%

closes less than 0.1% higher.

In commodity markets, crude oil price

CLQ19, + 0.17%

was edged higher with gold prices

GCQ19, + 0.83%

US Dollar

DXY, [0.2459008] -0.24% traded 0.2% lower.

Further reporting by Joy Wiltermuth


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