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