Stocks Hit New Highs After Powell Signals Rate-Cut Support

The Fed minutes also showed growing support for a rate cut

Karee Venema

Jul 10, 2019 at 4:33 PM

Stocks sailed to fresh highs today, as Wall Street cheered congressional testimony from Fed Chair Jerome Powell, which indicated the central bank could be ready to cut interest rates at its July meeting. In front of the House Financial Services Committee , Powell cited concerns over a slowing global economy -- a theme echoed in the Fed's June meeting minutes, which were released mid-afternoon. While the S&P marked its first-ever trek above 3,000 in intraday trading, the Dow and Nasdaq hit all-time peaks, with the latter settling at a record close.

Continue reading for more on today's market, including:

Why this real estate stock could stay red-hot.
Credit Suisse thinks this insurance stock could be cut in half.
The big news that boosted T-Mobile.
Plus, the stock that tripled today; Delta bulls bet on another earnings win; and a major upgrade for Comcast.

The Dow Jones Industrial Average (DJI - 26,860.20) tagged a record intraday high of 26,983.45, before closing up 76.7 points, or 0.3%. Nineteen Dow stocks advanced, led by a 1.7% pop for Chevron (CVX). Caterpillar (CAT) paced the 10 decliners with its 1.2% loss. 3M Company (MMM) finished flat.

The S&P 500 Index (SPX - 2,993.07) hit an all-time peak of 3,002.98, settling with a slimmer 13.4-point, or 0.5% gain. The Nasdaq Composite (IXIC - 8,202.53) closed up 60.8 points, or 0.8%, but not before peaking at 8,228.60.

The Cboe Volatility Index (VIX - 13.03) dropped 1 point, or 7.5%.

Closing Indexes Summary July 10

NYSE and Nasdaq Stats July 10

5 Items on our Radar Today

Amazon.com (AMZN) announced it will launch a beauty line developed by Academy Award-winning musician and actress Lady Gaga. The brand will be called Haus Laboratories, and will be launched on AMZN in September. (MarketWatch)
A U.S. Circuit Court of Appeals in Virginia said President Donald Trump did not violate emoluments clauses in the Constitution when accepting payments from state and foreign governments at his Washington hotel. The court ordered the case brought forward by the attorneys general of Washington D.C. and Maryland to be dismissed, and questioned "whether this action against the President is an appropriate use of the courts." (Reuters)
This stock surged more than 200% today.
Delta Air Lines bulls are betting on a repeat of earnings history.
Comcast stock hit a new high after a major analyst upgrade.

Data courtesy of Trade-Alert

Oil Win Streak Hits 5 After Inventories Update

Oil prices jumped to a fifth straight win today, buoyed by a bigger-than-expected decline in U.S. crude inventories and potential tropical depression in the Gulf of Mexico. At the close, August-dated crude was up $2.60, or 4.5%, at $60.43 per barrel.

Gold prices got a lift on Powell's dovish testimony. Gold for August delivery settled the session up $12, or 0.9%, at $1,412.50 an ounce.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?