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2019-07-11 21:22:24

The Dow stays strong, but the S&P and Nasdaq fluctuate in late trading.

Fed Chair Jerome Powell indicated in his second day of Congressional testimonies that the Fed has room to ease monetary policy as the link between inflation and unemployment weakens.

By contrast, a stronger-than-expected consumer price index may have investors worried that the Fed won't cut rates at the end of the month.

Two Fed members Raphael Bostic, president of the Atlanta Fed, and Tom Barkin, who heads the Federal Reserve Bank of Richmond, appear skeptical of the need for a rate cut at this point. Neither Barkin or Bostic are FOMC voting members this year.

The Dow rises 0.7%, staying above 27,000, buoyed by UnitedHealth (+5.2%) and Goldman Sachs (+3.0%).

Nasdaq falls 0.2% and the S&P is up 0.1%.

The 10-year Treasury note retreats, pushing yield up 6 basis points to 2.126%.

The Dollar Index slips 0.1% to 97.05.


seekingalpha.com Sa Editor Liz Kiesche
nasdaq gains holds rough patch seekingalpha https samp comnews3477236 second jerome powell




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