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Tech sector leads US stocks higher as Fed signals rate cut
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Dhaka, July 11 -- Stocks finished higher Wednesday as Wall Street welcomed new signals suggesting the Federal Reserve is ready to cut interest rates for the first time in a decade.
Technology stocks drove much of the gains, nudging the Nasdaq composite to an all-time high. The benchmark S&P 500 index briefly traded above 3,000 for the first time before pulling back to just below its most recent record high a week ago.
The market climbed early on after Fed Chairman Jerome Powell said that many Fed officials believe a weakening global economy and rising trade tensions have strengthened the case for a rate cut.
Powell's remarks, which he delivered as part of his semi-annual monetary report to Congress, allayed investors' concerns that an ...
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