Stocks – S&P Closes Above 3,000 as Wall Street’s Rally on Rate Hopes Continues

The very merry July stock market rally bubbled along Friday with the major averages all setting new highs and the S&P 500 closing above 3,000 for the first time.

The S&P 500 closed up 0.46% after hitting a new high of 3,013.62 . The Dow industrials finished up 0.9% after its second 200-point gain in two days; Friday’s gain was 244 points. The blue-chip index hit a new high of 27,333.79. The Nasdaq Composite added 0.6% along with a new high of 8,246.

The rally was fueled by the intense belief the Federal Reserve will cut interest rates at its July 30-31 meeting. Lower rates boost the value of stocks and bonds.

For several weeks, Fed Chairman Jerome Powell has signaled a rate cut is coming. He told Congress twice this week the central bank stands ready to “act as appropriate” to support the economic expansion, now in its 10th year. Stocks have been rising as a result. His concern — and the Fed’s — has been prompted by slowing business investment, slow wage growth and the Trump Administration’s trade policies, particularly its trade battle with China. Read More @ https://finance.yahoo.com/news/stocks-p-closes-above-3-165000704.html?.tsrc=rss

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