RECORD: S&P 500 hits 3,000 for the first time

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Stocks reached record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell bolstered the case for easier monetary policy in the U.S.

The S&P 500 briefly broke above 3,000 for the first time, while the Nasdaq Composite and Dow Jones Industrial Average also reached all-time highs.

“I think it’s safe to say Powell has his dove hat on and a quarter [rate] cut is coming,” said Mike Loewengart, vice president of investment strategy at E-Trade. “What’s interesting though is how quickly Powell pointed abroad to support the case for a weakening economy. Because the reality is things are still pretty strong here at home—last week’s jobs numbers made that clear.”

Read more at CNBC

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