Day Traders Diary
The S&P 500 rose 0.5%, briefly surpassing 3000 for the first time after Fed Chair Powell made dovish comments regarding a rate cut at the end of July. The Dow Jones rose 76 points closing in on 27,000. The Nasdaq rose 60 points to 8202, now up 24% year to date.
Fed Chair Powell took to Capitol Hill for his semiannual testimony on monetary policy. His prepared remarks pointed to at least a 25-basis point rate cut this month.
Among the sectors, energy rose the most up 1.4% let by bullish inventory data and supply disruption in the Gulf of Mexico. The financials, the industrials and materials were the only sectors that finished lower.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.